DiaCarta, Ltd. a precision molecular diagnostics company, said merger partner HH&L Acquisition notified the company that it was calling off the deal.
The termination notice alleges wrongdoing by DiaCarta, which the company in a press release “vehemently denies.” On June 30, the Company issued a response to the Hong Kong-based SPAC which included, in part:
“HH&L’s allegations are false and baseless, and the company rejects them in their entirety. We have worked diligently and in good faith to consummate the parties’ transaction and the company has fulfilled all its obligations and duties under the agreement. The company reserves all rights and remedies, whether under the agreement or otherwise, with respect to the SPAC, its sponsor, its control persons and principals, and all others acting with or in concert with the SPAC and waives none.”
Announced in October, terms called for DiaCarta to receive the approximately $414 million in HH&L’s trust, assuming no redemptions, as well as potential additional financing via PIPE. The deal deadline has been extended twice since then. Read more.
