The Beauty Health Company Announces the Results of the Completed Redemption of All Outstanding Public Warrants – Valdosta Daily Times

LONG BEACH, Calif.–(BUSINESS WIRE)–Nov 8, 2021–

The Beauty Health Company (“BeautyHealth” or the “Company”; NASDAQ:SKIN), a global category-creator in beauty health leading the charge with its flagship brand HydraFacial, today announced the results of the completed redemption (the “Redemption”) of all of its outstanding public warrants (the “Public Warrants”) to purchase shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated September 29, 2020 (the “Warrant Agreement”), by and between the Company and Continental Stock Transfer & Trust Company (“CST”), as warrant agent, as part of the units sold in the Company’s initial public offering (the “IPO”).

Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the closing of the IPO and are still held by the holders thereof or their permitted transferees were not subject to the Redemption.

On October 4, 2021, the Company issued a press release stating that it would redeem all of the Public Warrants that remained outstanding following 5:00 p.m. New York City time on November 3, 2021 (the “Redemption Date”), for a redemption price of $0.10 per Public Warrant (the “Redemption Price”).

On October 19, 2021, the Company issued a subsequent press release announcing that approximately 6.86 million Public Warrants had been exercised as of October 18, 2021. As a courtesy, the Company reminded any remaining holders of Public Warrants that if any of the remaining approximately 8.47 million Public Warrants were not exercised prior to the Redemption Date, such unexercised Public Warrants would be void and no longer exercisable, and the holders of such Public Warrants would be entitled to receive only the Redemption Price.

In connection with the Redemption, 16,123,235 Public Warrants were exercised for cash at an exercise price of $11.50 per share of Common Stock, and 74,104 Public Warrants were exercised on a cashless basis in exchange for an aggregate of 26,732 shares of Common Stock, in each case in accordance with the terms of the Warrant Agreement, representing approximately 99.5% of the outstanding Public Warrants. Total cash proceeds generated from exercises of the Public Warrants were $185.4 million. As of November 5, 2021, the Company had approximately 8.4 million warrants and 150 million shares of Common Stock outstanding.

In connection with the Redemption, the Public Warrants stopped trading on the Nasdaq Capital Market and were delisted. The Redemption had no effect on the trading of the Company’s Common Stock, which continues to trade on the Nasdaq Capital Market under the ticker symbol, “SKIN”.

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