DiamondHead Holdings Corp. (DHHC) Shareholders Approve Great Southern Homes Deal

DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23.

Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9 million in its trust.

The parties have not yet released a proposed timeline for closing the transaction, but DiamondHead announced on March 22 that it had secured up to $155 million in PIPE and convertible note financing that could have gotten it over the top of its $125 million minimum cash condition.

The parties initially announced the $572 million combination in September. 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.

The combined company is expected to trade on the Nasdaq under the name United Homes Group and the new ticker symbol “UHG” following close.