Biote settles founder litigation, repurchases all 18.4M shares for ~$76.9M

biote Corp.

Repurchases 18.4M shares at $4.17 avg price; $32.2M paid on April 26, remainder over 3 years.
Mutual release of all claims in the Donovitz litigation; founder advisory agreement terminated.
Two-year non-compete and non-solicitation agreements with Donovitz; voting agreement signed.
CEO says settlement resolves costly litigation and multi-year repurchase will be accretive.
Financial impacts of settlement to be detailed in Q1 results on May 7, 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

biote Corp. entered into Settlement Agreement with Dr. Gary S. Donovitz valued at approximately $76.9 million (effective 2024-04-23).

Action: entry
Agreement: settlement
Counterparty: Dr. Gary S. Donovitz
Value: approximately $76.9 million
Effective: 2024-04-23

Exact text from the filing

On April 23, 2024, biote Corp., a Delaware corporation (the “Company”) entered into a Settlement Agreement (the “Settlement Agreement”) with respect to its previously disclosed litigation with one of the Company’s stockholders, Dr. Gary S. Donovitz (“Donovitz”) (the “Donovitz Litigation”).

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246 material agreements filed in the last 30 days. Browse all material agreements →

biote Corp. filing history →

Source: SEC EDGAR

accession 0001193125-24-122394

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