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.
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...