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.
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