HH&L Acquisition called a May 9 shareholders meeting to vote on another deadline extension. If approved, the SPAC would have until Aug 9 (what it calls the “First Phase Extension Period”), followed by a second phase of month-to-month extensions until February 2024. The SPAC extended in March and again this month to set a new deadline in May. More time is still needed, HH&L noted.
The SPAC has a $460 million deal pending with DiaCarta, a precision molecular diagnostics company and developer of novel oncology and infectious disease tests. Announced in October, terms call for DiaCarta to receive the approximately $414 million in HH&L’s trust, assuming no redemptions, as well as potential additional financing via PIPE.
HH&L Investment, the SPAC’s sponsor, has agreed to contribute or forfeit certain Class B shares to facilitate financing if the total cash available at closing is less than $40 million. Read more.
