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.
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...
At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...
TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...
Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...