DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this afternoon that it has rescheduled its special meeting to complete its transaction with homebuilding company Great Southern Homes, Inc.
The company originally planned to hold the completion vote on March 14, but will now be pushing it back until March 23 at 10:00 a.m. Eastern Time to allow more time for the preparation of closing logistics. The redemption deadline will also be extended from March 10 to March 21.
The SPAC initially brought $345 million into the deal through its current trust, but saw 87.13% redeemed during an extension vote in January, leaving it with $44.94 million. The proposed merger also features a minimum cash condition of $125 million, but DHHC did not supplement this with a PIPE. If the deal is approved, the combined company will trade on the Nasdaq under the new ticker symbol “UHG”.
DiamondHead announced the $572 million combination with Great Southern Homes in September 2022. Columbia, South Carolina-based Great Southern Homes (“GSH”) is currently one of the largest homebuilders in the Southeast and focuses on the entry level home buyer segments.
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