Biote Signs Binding Term Sheet With Stockholder Marci M. Donovitz To Resolve Litigation; Enters $60M Agreement To Repurchase 8.3M Shares and Cancel 4.0M Earnout Shares
Portfolio Pulse from Benzinga Newsdesk
Biote has signed a binding term sheet with stockholder Marci M. Donovitz to resolve litigation. The agreement includes a $60 million repurchase of 8.3 million shares and the cancellation of 4.0 million earnout shares.
June 20, 2024 | 8:47 pm
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Biote has entered into a $60 million agreement to repurchase 8.3 million shares and cancel 4.0 million earnout shares as part of a litigation resolution with stockholder Marci M. Donovitz.
The repurchase and cancellation of shares are likely to reduce the total number of outstanding shares, which can be positive for the stock price in the short term. Additionally, resolving litigation removes a potential overhang on the stock.
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