HH&L Acquisition in an 8-K said it will not meet its deadline for completing a deal and so will redeem shares and dissolve. The SPAC’s stock will end trading Feb. 9 and will be deemed cancelled Feb. 23.
The per-share redemption price will be approximately US$10.79, before payment of taxes and dissolution expenses, the SPAC said.
HH&L raised $360 million in an IPO two years ago to focus on the healthcare sector in Asia. The SPAC is led by Chairman Kenneth Hitchner, whose 28-year career at Goldman Sachs included CEO of of Goldman Sachs in Asia Pacific Ex-Japan.
HH&L last July terminated a merger agreement with DiaCarta, Ltd. a precision molecular diagnostics company. The SPAC alleged wrongdoing by DiaCarta, which the company in a press release said it “vehemently denies.” Read more.
