HH&L Acquisition Co. (HHLA) Terminates DiaCarta Deal
by Marlena Haddad on 2023-06-30 at 4:28pm

HH&L (NYSE:HHLA) announced this afternoon that it has terminated its business combination with biotech firm DiaCarta.

On June 26, the SPAC sent a termination notice to DiaCarta due to breaches of representations and covenants by DiaCarta and fraudulent misrepresentation. The termination notice does not waive HH&L’s rights and they reserve the right to pursue legal remedies for any losses incurred.

HH&L announced the $460 million business combination with DiaCarta in October 2022. It originally intended to bring an estimated $414 million trust into the deal, but saw 84.95% of its trust removed due to redemptions at a meeting last month, leaving it with $10.4 million post-vote. During that May meeting, the SPAC approved an extension giving it a new timeline of August 9, and the option to further extend up to six times for an additional one-month each time to February 9, 2024.

It remains unclear if HH&L will continue to search for an alternative target, but given its new completion deadline, it has nearly seven months to do so. The company originally set out to combine with a high-growth healthcare business in Asia with a focus on China.

 

HH&L Acquisition Co. (HHLA) Terminates DiaCarta Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved