Better Therapeutics, a prescription digital therapeutics company today announced a definitive merger agreement with Mountain Crest Acquisition II. The transaction values Better Therapeutics at a pro forma fully diluted enterprise value of approximately $187 million with existing Better Therapeutics shareholders rolling over 100 percent of their equity into the combined company.
Pending shareholder approval, upon completion of the transaction the new company will operate as Better Therapeutics and list on the Nasdaq under BTTX. The deal is expected to close in the summer.
The transaction includes a $50 million PIPE led by Farallon Capital Management, RS Investments, Sectoral Asset Management, and Monashee Investment Management. Better Therapeutics has also received commitments through a separate private placement of $6 million.
Mountain Crest II raised $50 million in a January IPO with a stated goal at the time of acquiring a business producing products in North America that are in demand in Asian consumer markets. Read more.
