HYAC - SPAC Haymaker Acquisition III gains on deal to take Biote public

SPAC Haymaker Acquisition III (NASDAQ:HYAC) rose 1% after agreeing to to take hormone therapy company Biote Holdings LLC in a deal that will value the company at about $737M. Biote is expected to have about $195M in cash on its balance sheet after closing, according to a statement. The deal is said to include $80M in debt financing from Truist Bank, according to a Bloomberg report. The deal is expected to be completed in the first half of next year and the combined company will be listed on the Nasdaq under the symbole "BTMD." Biote’s current management and existing equity holders will roll the majority of their equity into the combined company. Biote expects to use the proceeds of the transaction to expand commercial operations and accelerate growth in the U.S. Cooley LLP is acting as legal advisor to Biote. Jefferies is acting as financial and capital markets advisor to Biote. Truist Securities

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SPAC Haymaker Acquisition III gains on deal to take Biote public