SPACInsider Logo
Diamond Head Holdings Corp. (DHHC) Closes Great Southern Homes Deal
by Marlena Haddad on 2023-03-30 at 5:02pm

DiamondHead Holding Corps. (NASDAQ:DHHC) announced that it has closed its combination with Great Southern Homes and the combined company will be renamed United Homes Group.

The deal was approved by shareholders during a meeting last Thursday, and only 109,426 shares were redeemed in connection with the vote, but DiamondHead saw about 87% redemptions in total across all previous votes, leaving it with about $43.9 million in its trust.

Although shareholders previously approved the business combination, the parties were still working to raise funds to meet the $125 million minimum cash condition. Earlier this week, DiamondHead entered into subscription agreements with lock-up investors and PIPE investors.

United Homes Group will now begin trading on the Nasdaq under the ticker symbol “UHG” on March 31. Great Southern Homes’ CEO and Founder, Michael Nieri, and the current management team of Great Southern Homes will continue on to lead United Homes Group.

DiamondHead initially announced the $572 million combination with Great Southern Homes in September 2022. Columbia, South Carolina-based Great Southern Homes is one of the largest homebuilders in the Southeast and focuses on the entry level home buyer segments.


ADVISORS

  • BTIG, LLC is acting as exclusive sell-side advisor to GSH.
  • Nelson Mullins Riley & Scarborough LLP is acting as counsel to GSH.
  • Zelman Partners is acting as exclusive M&A advisor to DiamondHead.
  • Sullivan & Cromwell LLP is acting as counsel to DHHC.

 

Recent Posts
by Kristi Marvin on 2023-06-06 at 5:59pm

Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan.  Naturally, this can be challenging to manage. More importantly, it can very...

by Marlena Haddad on 2023-06-06 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...

by Marlena Haddad on 2023-06-06 at 10:15am

Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...

by Nicholas Alan Clayton on 2023-06-06 at 9:43am

Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...

by Nicholas Alan Clayton on 2023-06-06 at 7:23am

Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved