Biote Issues PR Confirming Co. Will Be Listed On Nasdaq Through A Business Combination With Haymaker Acquisition Corp. III
$HYAC
- Biote is a high-growth medical practice-building company operating within the multi-billion dollar hormone optimization space. Biote-certified practitioners provide personalized therapies to their patients who experience hormone imbalances. Biote is an established company with projected revenue of $136 million and Adjusted EBITDA of $38 million for 2021 and forecasted revenue of $160-166 million and Adjusted EBITDA of $46-50 million for 2022.
- The implied initial equity value of the business combination is approximately $737 million, with the combined company expected to have $195 million in cash after closing, assuming no Haymaker stockholders elect to have their shares redeemed.
- The business combination will enable further expansion of Biote's commercial operational footprint to support accelerated growth, as well as clinical research and product development.
- The business combination is expected to be completed in the first half of 2022, and the combined company will be listed on the Nasdaq under the ticker symbol "BTMD."
- The transaction is further supported by committed debt financing from Truist Bank and Truist Securities, Inc. (collectively, "Truist"), subject to customary conditions. Biote expects that the cash proceeds will be sufficient for the parties to fully meet the minimum cash requirement to close.
- Biote is woman-led by CEO Terry Weber, an accomplished leader in industries that were traditionally closed to women, who is committed to driving innovation in the hormone optimization market in order to address the 200 million individuals in the U.S. who suffer from hormone imbalance.