Haymaker Acquisition III today filed its proxy outlining the proposed merger with BioTE Holdings, a medical practice-building business within the hormone optimization space. The SPAC scheduled a May 24 meeting for shareholdes to vote on the deal, whcih carries an equity value of $737 million.
If approved, the combined company is expected to trade on the Nasdaq under BTMD.
As announced in December, terms of the deal call for the combined company to have approximately $195 million in cash on its balance sheet at closing, after the payment of transaction expenses and distributions to Biote members. Funding consists of $317.5 million of cash held in Haymaker’s trust (assuming zero redemptions), the proceeds of a debt financing, and the expected balance sheet cash at closing.
As part of the transaction, Biote’s current management and existing equity holders will roll the majority of their equity into the combined company. Read more.
