Irving-based Biote plans to go public through a merger with a special purpose acquisition company.
The company’s business combination with Haymaker Acquisition Corp. III is valued at about $737 million, and the combined company is expected to have $195 million in cash once the deal closes. The merger is expected to be completed in the first half of 2022, and the company will be listed on the Nasdaq Stock Market under the symbol “BTMD.”
“I am personally thrilled to partner with Biote management on their emergence as a public company,” Haymaker CEO Steven Heyer said in a statement. “Biote has built a unique and strong business model, with tremendous white space, recurring revenue, and high cash flow. This is one of the best business models I have seen.”
The business combination has been approved by Biote’s members and board of managers and the Haymaker (Nasdaq: HYAC) board of directors but is still waiting to be approved by the SPAC’s stockholders. Biote’s current management and equity holders will pass the majority of their equity to the combined company as a result of the merger.
The Irving-based hormone optimization company plans to use the proceeds from the deal to expand its operations across the country.
Read the full story at Dallas Business Journal.