By Josh Beckerman
Biote shares rose 15% Wednesday as the company agreed to settle litigation with founder and stockholder Gary S. Donovitz.
The stock was recently at $5.33 and is up about 12% over the last 52 weeks.
The hormone pellet therapy company said Tuesday that it will repurchase all of the about 5.1 million Class A shares and the about 13.3 million paired interests beneficially owned by Donovitz for about $76.9 million.
According to a Dallas Morning News report in 2022, Donovitz criticized the combination of BioTE Holdings and Haymaker Acquisition Corp. III.
Biote said it is “pleased to reach this agreement that not only resolves protracted and costly litigation” and said “we are well positioned to execute this share repurchase that we believe will be accretive to shareholder value.”
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