Press Release April 07, 2021

Better Therapeutics to Become Publicly Traded via Merger with SPAC Mountain Crest Acquisition Corp. II

The Life Sciences and Special Purpose Acquisition Companies (SPACs) teams advised California-based Better Therapeutics, Inc. on its definitive merger agreement with Mountain Crest Acquisition Corp II (Nasdaq: MCAD;), a publicly traded SPAC.

Better Therapeutics is a prescription digital therapeutics company delivering cognitive behavioral therapy to address the root causes of cardiometabolic diseases. It will be the first prescription digital therapeutics company to go public, raising up to $113 million to advance its robust pipeline of products to treat cardiometabolic diseases, conditions which cost the U.S. healthcare system almost $500 billion each year.

The transaction values Better Therapeutics at a pro forma fully diluted enterprise value of approximately $187 million with existing Better Therapeutics shareholders rolling over 100% of their equity into equity of the combined company. Upon completion of the transaction, which is anticipated in the summer 2021, the combined company will operate as Better Therapeutics and securities are expected to be listed on Nasdaq under the symbol “BTTX.”

The bicoastal Goodwin team was led by Art McGivern, Heidi Mayon, Shoaib Ghias, Pooja Sudarshan, Margaret Wirsing, and Jaidev Kalra, and included, Jocelyn M. Arel, Crescent Moran Chasteen, Koray J. Bulut, Stephanie Philbin, Julie K. Tibbets, Roger Cohen, Alexander R Plaum, Daniel S. KarelitzShane AlbrightJacqueline Klosek, Kara Kuritz, Grace Wirth, Ginggi N. Storer, Steven S.Tjoe, Andre Amorim, Heath Roosevelt Ingram, Nikhil Arjun Sethi, April Sun, Alex Intile, Sarah Stoiber, and Gregg Coughlin.

For more details, read the press release.