Biote settles founder litigation, to repurchase 18.4M shares for $76.9M at $4.17 each

biote Corp.

Repurchases 5.1M Class A shares and 13.3M Paired Interests from founder Donovitz for $76.9M total.
Average price $4.17 per share; payments spread over three years: $32.2M now, $15.1M, $19.1M, $10.5M.
Mutual release of all claims; founder advisory agreement terminated, two-year non-compete agreed.
Existing $20M share repurchase authorization remains separate and unchanged.
CEO says resolution ends costly litigation and the buyback is accretive to shareholder value.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

biote Corp. entered into Settlement Term Sheet with Dr. Gary S. Donovitz valued at approximately $76.9 million (effective 2024-02-13).

Action: entry
Agreement: settlement
Counterparty: Dr. Gary S. Donovitz
Value: approximately $76.9 million
Effective: 2024-02-13

Exact text from the filing

On February 13, 2024, biote Corp., a Delaware corporation (the “Company”) entered into a binding settlement term sheet (the “Settlement Term Sheet”) with respect to its previously disclosed litigation with one of the Company’s stockholders, Dr. Gary S. Donovitz (“Donovitz”)

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biote Corp. filing history →

Source: SEC EDGAR

accession 0001193125-24-040005

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