Waldencast plc, (NASDAQ: WALD) (“Waldencast”), a global multi-brand
beauty and wellness platform, announced today that it signed a
binding letter of intent to acquire a 60% controlling interest in a
newly formed entity to be comprised of the business of its
Southeast Asia (SEA) distributor. The letter of intent is binding
upon the SEA distributor, but Waldencast’s obligations are subject
to the satisfaction of certain conditions. Assuming the
satisfactory completion of its due diligence and negotiation of
definitive agreements, Waldencast expects to close the transaction
in the coming weeks.
This transaction will further accelerate Waldencast’s growth in
a key strategic region for the Company. The skincare market in
Southeast Asia is approximately $11 billion1 and growing rapidly.
The Obagi brand has achieved critical mass in this market, with
widespread support from the dermatological community, and are
poised for even faster growth with the benefit of Waldencast’s
majority ownership and investment resources.
There can be no assurance that a definitive agreement with the
SEA distributor will be executed or that the contemplated
transaction or any other similar transaction will be approved or
consummated. Waldencast does not undertake any obligation to
provide any updates with respect to any transaction, except as
required under applicable law.
As a result of the contemplated acquisition, the Company has
changed the date and time of its previously announced earnings
release and conference call. The Company will now hold its fourth
quarter and fiscal year 2022 earnings release and conference call
on April 26, 2023 versus March 15, 2023. This change allows the
Company to evaluate whether any adjustment may be needed to fiscal
year 2022 financials to reflect the expected acquisition of its SEA
distributor and to provide investors a perspective on the business
that will give effect to this transaction.
Michel Brousset, Founder and Chief Executive officer, stated:
“We are pleased to have reached an agreement to further deepen our
presence in a rapidly growing market in partnership with our
long-standing distributor in the region. If concluded, this
acquisition will represent an exciting and transformative next step
for Waldencast as we continue to build our beauty and wellness
platform.”
__________________________________
1 Source: Sales value of skin care in Southeast Asia* (USD
Million) in 2023, Euromonitor, KPMG Analysis*Note: Southeast Asia
countries include 9 countries, namely Cambodia, Indonesia, Laos,
Maláyia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Fourth quarter fiscal 2022 earnings conference
call
The Company will report fourth quarter fiscal 2022 earnings
results on April 26, 2023. The Company will hold a conference call
to discuss its results on the same day at 8:30am ET. The Fourth
quarter fiscal 2022 earnings press release will be issued prior to
the start of the call.
Investors and analysts interested in participating in the
conference call are invited to dial (833) 630-1956 or (412)
317-1837 for a toll-free number. The conference call will be
webcast live and can be accessed at https://ir.waldencast.com/. A
replay of the webcast will remain available on the website for 90
days.
About Waldencast plc
Founded by Michel Brousset and Hind Sebti,
Waldencast’s ambition is to build a global best-in-class beauty and
wellness operating platform by developing, acquiring, accelerating,
and scaling conscious, high-growth, purpose-driven brands.
Waldencast’s vision is fundamentally underpinned by its brand-led
business model that ensures proximity to its customers, business
agility and market responsiveness, while maintaining each brand’s
distinct DNA. The first step in realizing its vision was the
business combination with Obagi Skincare and Milk Makeup. As part
of the Waldencast platform, brands will benefit from the
operational scale of a multi-brand platform, expertise in managing
global beauty brands at scale, a balanced portfolio to mitigate
category fluctuations, asset-light efficiency and the market
responsiveness and speed of entrepreneurial indie brands. For more
information please visit: https://ir.waldencast.com/.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this release that are not historical, are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such statements include, but are not limited to, statements
regarding Waldencast’s ability to enter into a definitive agreement
or consummate a transaction with the SEA distributor; the expected
timing of the transaction with the SEA distributor; the expected
timing of the release of Waldencast’s fourth quarter fiscal 2022
earnings results; and any assumptions underlying any of the
foregoing. Words such as "anticipate," "believe," "continue,"
"could," "estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," and "will" and variations of such words and
similar expressions are intended to identify such forward-looking
statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the control of Waldencast, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, that may affect actual results or outcomes
include, but are not limited to: (i) the inability to recognize the
anticipated benefits of the transactions with Obagi Skincare, Milk
Makeup and the SEA distributor; (ii) changes in general economic
conditions, including as a result of continuing inflationary
pressure and the COVID-19 pandemic; (iii) the ability to continue
to meet Nasdaq's listing standards; (iv) volatility of Waldencast’s
securities due to a variety of factors, including Waldencast’s
inability to implement its business plans or meet or exceed its
financial projections and changes; (v) the ability to implement
business plans, forecasts, and other expectations, and identify and
realize additional opportunities; and (vi) the ability of
Waldencast to implement its strategic initiatives and continue to
innovate Obagi Skincare’s and Milk Makeup’s existing products and
anticipate and respond to market trends and changes in consumer
preferences.
These and other risks, assumptions and uncertainties are more
fully described in the Risk Factors section of our Registration
Statement on Form F-1 (File No. 333-267053), originally filed with
the Securities and Exchange Commission (the “SEC”) on August 24,
2022 and as thereafter amended, and in our other documents that we
file or furnish with the SEC, which you are encouraged to read.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results
may vary materially from those indicated or anticipated by such
forward-looking statements. Accordingly, you are cautioned not to
rely on these forward-looking statements, which speak only as of
the date they are made. The degree to which global economic
conditions and/or COVID-19 may adversely affect Waldencast’s
results and operations, including its ability to achieve its
outlook and guidance for Fiscal 2023, will depend on numerous
evolving factors and future developments, which are highly
uncertain, including, but not limited to, federal, state and local
governmental policies and interest rate adjustments by the Federal
Reserve, the ongoing conflict in Ukraine, and initiatives designed
to reduce the transmission of COVID-19 and emerging new variants
and how quickly and to what extent normal economic and operating
conditions can resume. As a result, the impact on Waldencast’s
financial and operating results cannot be reasonably estimated with
specificity at this time, but the impact could be material
Waldencast expressly disclaims any current intention, and assumes
no duty, to update publicly any forward-looking statement after the
distribution of this release, whether as a result of new
information, future events, changes in assumptions or otherwise.
Waldencast gives no assurance that the combined company will
achieve its expectations.
Contacts:
InvestorsICR Allison
Malkinwaldencastir@icrinc.com
MediaICRBrittany
FraserWaldencast@icrinc.com
Waldencast (NASDAQ:WALD)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Waldencast (NASDAQ:WALD)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024