Haymaker Acquisition Corp. 4 - HYAC STOCK NEWS

Biote Corp., a medical practice-building company specializing in hormone optimization, has completed its business combination with Haymaker Acquisition Corp. III. This transaction, approved on May 24, 2022, allows Biote to enhance its growth and solidify its market position, with shares trading under the ticker BTMD starting May 27, 2022. The company aims to transform hormone optimization through a robust support network for practitioners and expects to report strong Q2 results in August.

On May 24, 2022, Haymaker Acquisition Corp. III (Nasdaq: HYAC) announced the approval of its business combination with Biote, following a special meeting of stockholders. The transaction is anticipated to close around May 26, 2022, with trading of the new company's stock, biote Corp., expected to begin on May 27, 2022, under the symbols BTMD and BTMDW. Biote is focused on hormone optimization and training practitioners in related fields. This marks a significant step for both companies as they work towards operational synergies.

Biote reported a net revenue of $37 million for Q1 2022, marking an 18% increase year-over-year. Procedural revenue surged by 21.2%. The adjusted EBITDA rose 20% to $12 million. The company is anticipating the completion of its business combination with Haymaker Acquisition Corp. III (NYSE: HYAC) in Q2 2022 and maintained its 2022 revenue guidance of $160-166 million and adjusted EBITDA guidance of $46-50 million.

Biote reported record financial results for 2021, with net sales of $139.4 million, a 20% increase year-over-year, and Q4 sales of $37.5 million, up 22% from the previous quarter. EBITDA rose to $36 million, marking a 9% increase year-over-year. The company anticipates revenue in the range of $160-166 million and EBITDA of $46-50 million for 2022, following a business combination with Haymaker Acquisition Corp. III (Nasdaq: HYAC) expected in Q2 2022, which will provide additional funding for expansion.

Biote reported record financial results for 2021, achieving net sales of $139.4 million (up 20% YoY) and fourth-quarter sales of $37.5 million (22% QoQ increase). The EBITDA for 2021 was $36 million, reflecting a 9% year-over-year rise. The company forecasts 2022 revenue between $160-166 million and EBITDA between $46-50 million. This growth is bolstered by a recent business combination with Haymaker Acquisition Corp. III expected to close in Q2 2022.

Biote, a leader in hormone optimization therapies, announced a definitive business combination with Haymaker Acquisition Corp. III (HYAC) valued at approximately $737 million. This merger is expected to close in the first half of 2022, allowing Biote to enhance its commercial footprint and support accelerated growth. Biote projects 2022 revenue between $160-$166 million with an Adjusted EBITDA of $46-$50 million. Post-transaction, the combined company will trade on Nasdaq under the symbol BTMD, expecting approximately $195 million in cash to facilitate further growth.

Haymaker Acquisition Corp. III (NASDAQ: HYACU) announced that starting April 22, 2021, holders of units from its IPO can trade shares of Class A common stock and redeemable warrants separately. Whole warrants will trade under the symbols HYAC and HYACW, while units that remain intact will continue to be listed as HYACU. This decision provides investors with greater flexibility in trading. Haymaker focuses on acquiring businesses in the consumer and consumer-related sectors, led by CEO Steven J. Heyer, among others.

Haymaker Acquisition Corp. III (NASDAQ: HYACU) has successfully closed its initial public offering, raising $300 million through the sale of 30 million units priced at $10.00 each. Proceeds are set to be placed in trust to facilitate future business combinations in the consumer sector. The offering was underwritten by Citigroup and Cantor Fitzgerald & Co. The SEC declared the registration statement effective on March 1, 2021.