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.

 

Recent Posts
by Marlena Haddad on 2023-11-28 at 10:03am

Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...

by Nicholas Alan Clayton on 2023-11-28 at 8:43am

L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...

by Nicholas Alan Clayton on 2023-11-28 at 7:43am

At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...

by Marlena Haddad on 2023-11-27 at 1:21pm

Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...

by Nicholas Alan Clayton on 2023-11-27 at 7:43am

At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved