BioTE控股公司将通过SPAC与Hayaker Acquisition Corp.III合并上市

08:59 AM EST, 12/13/2021 (MT Newswires) -- BioTE Holdings, a medical practice-building company, has agreed to go public through a merger with blank-check firm Haymaker Acquisition Corp. III (HYAC) in a deal that carries an implied initial equity value of about $737 million, the companies said Monday.

The combined company expected to have $195 million in cash after closing, assuming no redemptions from Haymaker stockholders, derived from $317.5 million of cash held in Haymaker's trust account as well as the proceeds of committed debt financing from Truist Bank and Truist Securities.

Assuming no exercise of redemption rights from Haymaker's public stockholders, current BioTE equity holders are expected to own 48% of the merged company with Haymaker stockholders owning the remaining 52%, excluding the impact of deferred equity held by BioTE members and Haymaker Sponsor III.

Biote's current management and existing equity holders will roll the majority of their equity into the combined company, which plans for its class A common shares to trade on the Nasdaq Stock Market under the symbol "BTMD."

BioTE plans to use the proceeds to expand commercial operations and accelerate growth in the US.

The merger is expected to close in H1 of 2022, subject to approval by Haymaker stockholders and other conditions.

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