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Gates Capital Management Reduces Risk . For purposes of the minimum cash condition, cash includes cash in the DiamondHead trust account after giving effect to redemptions (including the $25 million commitment to purchase and not redeem DHHC public shares from the DHHC sponsor group, including David Hamamoto and Antara Capital) and any other permitted financings obtained in connection with the completion of the transaction. The Company builds homes in South Carolina and Georgia, focusing on the entry level and first time move up home buyer segments. It was June 2020, and Mr. Hamamoto, a former Goldman Sachs executive who invested in real estate, was searching for a business to take public through a . We do know that it's a SPAC formed by the energy-investing group at Silverpeak Capital, a New York-based private equity firm; and David Hamamoto, a serial entrepreneur with a long track record of . I still think Lordstown is a great opportunity and they have a great product and a great factory, Mr. Lukens said. NRE (NorthStar Realty Europe) Dividend Payout Ratio as of today (March 04, 2023) is 0.00. Dividend Payout Ratio explanation, calculation, historical data and m DiamondHead Holdings Corp. is led by Chairman and CEO David T. Hamamoto and CFO and Director Keith Feldman. So for a company like Lordstown which had no revenue and no truck for sale to succeed, having a management team that could oversee such a complicated endeavor was all the more important. Date Owner Security . COLUMBIA, S.C. & NEW YORK(BUSINESS WIRE)Great Southern Homes, Inc. announced today that it has entered into a definitive merger agreement with DiamondHead Holdings Corp. (NASDAQ: DHHC), a special purpose acquisition company. Millennium Management, a hedge fund firm, and Fidelity, a mutual fund company, also reduced their stakes, filings show. The company's CEO David Hamamoto is the largest shareholder with 20% of shares outstanding. DiamondHead Holdings, the second blank check company led by David Hamamoto targeting businesses with growth potential, raised $300 million by offering 30 million units at $10. The heat is on Mr. Hamamoto. David Hamamoto General Information. Type a symbol or company name. Maximillian Lawrence, an artist and a teacher in Philadelphia, said he had viewed his Lordstown shares as a long-term holding., $3.5 billion electric-vehicle battery factory. David Hamamoto. Hamamoto's previous SPAC, DiamondPeak Holdings, went public in February 2019 and completed its merger with EV pickup truck developer Lordstown Motors(RIDE; +132% from $10 offer price) in October 2020. David T. Hamamoto. The company's principal address is 4 Gatehall Dive . When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Goldman Sachs acted as lead manager on the deal. His special purpose acquisition company, DiamondPeak Holdings, merged with Lordstown Motors. Hamamoto David T insider ownership history Insider history. Sullivan & Cromwell LLP is acting as counsel to DHHC. Our growth plans include both continued organic expansion as well as becoming a merger partner of choice for smaller regional homebuilders located in high growth markets. Form S-4/A (registration of securities, business combinations) filed with the SEC The fund owned 147,501 shares of the companys stock after buying an additional 37,626 shares during the quarter. Mr. Mr. Lawrence, the artist, isnt so sure. Looking for David Hamamoto online? Mr. Burns, who fancied himself as the next Elon Musk, was known as a persuasive talker, prone to hyperbole, former Lordstown employees said. GSH was the 25thranked starter-home builder and the 41stranked single-family detached home builder in the United States, respectively, based on 2021 home closings according toPro Builders 2022 Housing Giants Report. Renaissance Capital->. 250 Park Ave., 7th Floor. Hamamoto's previous SPAC, DiamondPeak Holdings, went public in February 2019 and completed its merger with EV pickup truck developer Lordstown Motors(RIDE; +132% from $10 offer price) in October 2020. 3.Additional Agreement.Antara Capital LP ("Antara") agrees in connection with the Share Repurchase Commitment contemplated by paragraph 1, upon receipt of a written request from David T. Hamamoto ("Mr. Hamamoto"), to make a loan to Mr. Hamamoto in an amount up to $2,500,000 pursuant to a five year unsecured promissory note, which shall bear interest of 8% per annum from the date such . which had by then invested $75 million in Lordstown and viewed it as a long-term holding in his portfolio. He had raised $250 million from big Wall Street investors including BlackRock, and spent more than a year looking at over 100 potential targets. DiamondHead Holdings Corp. announced the pricing of its $300 million IPO this morning and its units are expected to begin trading on the Nasdaq under the symbol DHHCU today, January 26. Hamamoto, for example, sold 1 million shares at $16.38 per unit for a total of $16.38 million on Oct. 22, 2020 . Mr. Burns and another top executive at Lordstown resigned after its board investigated the companys statements about truck orders. Copyright 2023 Surperformance. The company's filing status is listed as Active and its File Number is 23103656. Find Instagram, Twitter, Facebook and TikTok profiles, images and more on IDCrawl - free people search website. Verition Fund Management LLC's holdings in DiamondHead were worth $1,456,000 as of [] Ray ID: 7a2d9d928d2fd229 DiamondHead Holdings Corp. has a fifty-two week low of $9.74 and a fifty-two week high of $10.99. Your IP: 149.202.91.162, Requested URL: www.builderonline.com/building/great-southern-homes-to-go-public-through-merger-with-diamondhead-holdings_o, User-Agent: Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/103.0.0.0 Safari/537.36. The transaction includes an earn-out provision pursuant to which GSH stockholders are entitled to receive up to an aggregate maximum of 20 million additional shares, over a five year period, as and when the share price of the combined company reaches certain thresholds. Mr. Troicky, who lost close to a million dollars on his investment, later said in his lawsuit that he had based his decision on my own research of publicly available information. A federal judge recently approved him as the lead plaintiff in the pending class-action lawsuit. This offering is expected to close on Thursday, January 28. He is joined by CFO and DirectorKeith Feldman, formerCFO of NorthStar Realty Europe (NYSE: NRE) and Managing Director of Colony Capital. We are impressed with the scale and operational performance of GSH, and we are excited to work with the GSH team in continuing their growth as a public homebuilder. Mr. Hamamoto remains at Lordstown, but has floated a new shell company, in which BlackRock is again an investor. We believe GSH is a best in class operator with significant potential to grow throughout the United States. Martha Hamamoto is 63 years old and was born on 03/29/1959. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. DiamondHead Holdings plans to list on the Nasdaq under the symbol DHHCU. Relatives & Associates. David received a B. S. degree from Stanford University and a M. B. Total SPAC deal count for 2021 year-to-date is now 74 with $20.98 billion in gross proceeds raised. The company has burned through hundreds of millions of dollars in cash. Two people briefed on the matter said Mr. Burns was already considering a new venture. Learn about DiamondHead Holdings Corp. (DHHC.U) stock's management team. He also serves as Advior at Life House. Jan 26, 2021 08:23AM EST. . Renaissance Capital LLC is an SEC-registered investment adviser. He is joined by CFO and Director Keith Feldman, formerCFO of NorthStar Realty Europe (NYSE: NRE) and Managing Director of Colony Capital. Honolulu, HI 96815. In addition, David Hamamoto was a former partner at Goldman, Sachs & Co. and the co-founder of its Real Estate Principal Investment Group and Whitehall funds. Additionally, it plans to focus on businesses with enterprise values between $350 million and $2 billion. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. We have Tom O'Grady, at GSH and Future UHG board member and future UHG Chief Administrative Officer; Shelton Twine, GSH and future UHG Chief Operating Officer; and Keith Feldman, Chief Financial Officer of . Cookies collect anonymous information, but not personally identifiable information. On Thursday afternoon following the closure of US equity markets, a form 4 was filed for DiamondHead Holdings which revealed the group's CEO and Chairman David Hamamoto had bought more stock in . And Lordstown has yet to begin producing its first truck. Want to see what other hedge funds are holding DHHC? It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. DiamondHead Holdings Corp. does not have significant operations. David T. Hamamoto Mr. Hamamoto has served as Chairman and Chief Executive Officer of DiamondPeak from inception and is the Founder of Diamond Head Partners, LLC which he established in 2017. This offering is expected to close on Thursday, January 28. Get your FREE TRIAL now. A. from Wharton School of Business at the University of Pennsylvania. 74.00% of the stock is currently owned by institutional investors. All rights reserved. While the company has not selected a target industry or geography, DiamondHead Holdings plans to focus on businesses with compelling growth potential and competitive market position, strong management teams, among other characteristics. Renaissance Capital LLC is an SEC-registered investment adviser. DiamondPeak will be led by David Hamamoto, the former founder of the Northstar Companies, which was sold to Colony Capital (NYSE: CLNY) in January of 2017. Its stock price has plunged to $9, from around $31. Through organic growth, GSH has become the 25thranked starter-home builder and the 41stranked single-family detached home builder in the United States, respectively, based on 2021 home closings according toPro Builders 2022 Housing Giants Report. The sponsor of DiamondHead is DHP SPAC-II Sponsor LLC, an entity controlled by David Hamamoto. Will Q4 Results Send Zoom Video Stock Higher? James Wei's company, Puuwai Estate LLC, owns 3133 Diamond Head Road and Peter Tomozawa's (correct spelling) wife, Donna Leduc . The company also shared additional information about itself with DiamondPeak. Insider . A number of other hedge funds have also bought and sold shares of the business. You can see DiamondHead Holdings' historic earnings and revenue below, but keep in mind there's always more to the story. Goldman, which was working with Mr. Hamamoto and arranged $500 million in additional financing for the acquisition, ran only a standard background check on Mr. Burns a public-records search that took more effort than simply looking him up on Google but stopped short of any interviews, a person familiar with the banks activities said. The Board of Directors of GSH and DHHC have approved the transaction. Investors are suing, including 70-year-old George Troicky, who lost $864,201 on his investment, according to a pending class-action lawsuit. Tourist walkway in Diamond Head State Monument. Landscape Capital Management L.L.C. David Hamamoto, Chairman, co-CEO of DiamondHead Holdings Corp., commented: "We are thrilled to partner with Michael Nieri and the GSH team and look forward to executing on our . In addition, approximately 2.1 million shares owned by the Sponsor currently will be subject to the earn-out. Upon closing of the merger with Great Southern, DiamondHead (NASDAQ: DHHC) will be renamed United Homes Group and trade under the new ticker symbol "UHG." . Each unit consists of one share of . Even Tesla, the industrys breakout star, didnt deliver its first car until 2008 five years after it was founded. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. In early 2019, he launched his SPAC, DiamondPeak, with the intention of merging with a real estate business. The clock was ticking for David Hamamoto. Sullivan & Cromwell LLP is serving as Issuers Counsel with Ropes & Gray LLPserving as Underwriters Counsel. The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Plum I (NASDAQ:PLMI) has entered into a definitive agreement to combine with additive manufacturing battery company Sakuu at an enterprise value of $705 million. Verition Fund Management LLC increased its holdings in shares of DiamondHead Holdings Corp. (NASDAQ:DHHC - Get Rating) by 34.2% during the third quarter, HoldingsChannel.com reports. Hamamoto left the new company, Colony NorthStar, in November 2017. Employer Identification No.) Zelman Partners is acting as exclusive M&A advisor to DiamondHead. Now Lordstown is flailing. In Lordstown, those forces eventually collided, highlighting the uneven playing field between Wall Street and Main Street. MERGER IMAGE: David Hamamoto & Mike Satterfield DATE: 09/12/2022 COMPANIES: Great Southern Homes, Inc & DiamondHead Holdings Corp VALUATION: $572,000,000 At the rollout of Lordstowns Endurance truck on June 25, 2020 which was attended by Mr. Hamamoto and Goldman bankers, who by then were deep in merger talks with Lordstown Mr. Burns was quoted in TechCrunch saying the company already had 20,000 pledges to order its truck and planned to begin producing the vehicle by summer 2021. Create your Watchlist to save your favorite quotes on Nasdaq.com. Mr. Karacic, who hasnt broken even, said he harbored no ill will toward the early investors. Purchases New Holdings in Ball Co. (NYSE:BALL), Blueshift Asset Management LLC Sells 21,016 Shares of Dell Technologies Inc. (NYSE:DELL), Cary Street Partners Investment Advisory LLC Has $126,000 Stock Holdings in Yum China Holdings, Inc. (NYSE:YUMC). Good technology isnt enough, Mr. Gordon said. Renaissance Capital for Great Southern Homes, one of the largest homebuilders in the Southeast, has entered into a definitive merger agreement with Diamondhead Holdings, Corp., a special purpose acquisition company with $345 million in trust. The new company aims to have a broad search focus but intends to identify and acquire a business that could benefit from a hands-on partner with extensive operational, capital markets and investment management experience. Don't risk buying another IPO without IPO Pro. DiamondHead Holdings, CEO and Chairman 250 Park Avenue, New York, NY, 212-572-6260 . Verition Fund Management LLCs holdings in DiamondHead were worth $1,456,000 as of its most recent filing with the Securities and Exchange Commission. The transaction also provides that additional Sponsor shares will become subject to the earn-out to the extent there is not $100 million of common stock at closing (including shares of common stock not redeemed, newly issued common stock and common stock subject to any convertible securities issued by DHHC prior to the closing). David Hamamoto. DiamondHead and Antara Capital. Ladies and Gentlemen: On behalf of our client, DiamondHead Holdings Corp. (the "Company"), this letter responds to a comment from the staff (the "Staff") of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the "Commission") in a telephone conversation on December 2, 2022 concerning the above-referenced Preliminary Proxy Statement on Schedule 14A, filed with . The Company currently has a presence in South Carolina and Georgia and focuses on providing high-quality, affordable homes for the entry-level and first move-up segments. Goldman Sachs is the sole bookrunner on the deal. For context, the second . DIAMONDHEAD HOLDINGS CORP. (Exact name of registrant as specified in its charter) Delaware: 001-39936: 85-3460766 (State or other jurisdiction of (Commission File Number) (I.R.S. Mr. Hamamoto, whose investment group once owned a fifth of the SPAC, got some of those shares at a steep discount meaning that they lose little even if the stock collapses. The stock has a fifty day moving average of $10.09 and a 200-day moving average of $9.98. The combined company is expected to be listed under the symbol SAKU once DiamondHead Holdings Corp. (DHHCU) Prices $300M IPO, Altimar III (ATAQ) Adjourns Extension Vote Again, The Latest Non-Redemption Agreements: March 3, 2023, The Latest SPAC News and Rumors: March 3, 2023, Plum Acquisition Corp. Lordstown Motors Corp. 23 May 22. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. When you visit our website, we, may automatically collect information from you such as your Internet Protocol (IP) address, location, device and connection information such as browser type and version, plug-in types and versions, and operating system. Previously, he served as Executive Vice Chairman of Colony NorthStar (now Colony Capital, Inc. (NYSE:CLNY)), a real estate and investment management firm . At the same time, small investors have become a potent force in the markets, driving up the stock prices of companies like GameStop and lapping up shares of SPACs, which are highly speculative and can pose financial risks. DiamondHead Holdings, the second blank check company led by David Hamamoto targeting businesses with growth potential, raised $300 million by offering 30 million units at $10. DiamondHead Holdings Corp. 19 Jan 23. Also in February, the Securities and Exchange Commission began investigating Lordstown about statements that Mr. Burns had made about the companys sales prospects. DiamondHead Holdings, the second blank check company led by David Hamamoto targeting businesses with growth potential, filed on Friday with the SEC to raise up to $300 million in an initial public offering. Upon closing of the transaction, GSH will become a publicly traded company, and DiamondHead Holdings Corp. will be renamed United Homes Group, Inc. DiamondHead is expected to remain listed on the Nasdaq Capital Market and is expected to trade under the new ticker symbol UHG.. DiamondHead Holdings Corp.(DHHCU) The company filed confidentially on November 5, 2020. It happens all the time, everywhere, he said. DiamondHead Holdings Corp. is led by Chairman and CEO David T. Hamamoto and CFO and Director Keith Feldman. The following positions have been held: Director; 2021 at Lordstown Motors Corp. Director; Officer; CEO, Chairman 2021 at DiamondHead Holdings Corp.; Director; Officer; Executive Vice Chairman 2017 at Colony NorthStar, Inc.; Insider 2017 at NorthStar Asset Management . You've requested a page on a website (cloudflarepreview.com) that is on the Cloudflare network. DiamondHead is a special purpose acquisition company led by Co-CEO and Chairman David Hamamoto, who has over 40 years of experience in real estate investing, as well as operating both private and . DiamondHead is a special purpose acquisition company led by Co-CEO and Chairman David Hamamoto, who has over 40 years of experience in real estate investing, as well as operating both private and publicly held real estate businesses. As a subscriber, you have 10 gift articles to give each month. He and Mr. Burns, who owns 26 percent of Lordstown, are bound by the merger agreement to hold on to their shares until October. Diamond Head is a volcanic cone on the Hawaiian island of Oahu and is the most popular Hawaii State Park. MarketBeat.com's FREE daily email newsletter, Kroger Shares Gap Up on Better-Than-Expected Earnings. The fund owned 147,501 shares of the company's stock after buying an additional 37,626 shares during the quarter. document.write(new Date().getFullYear()) United Homes Group. Discovery Communications' David Zaslav tops the list -- with . Previously, he served as Executive Vice Chairman of Colony NorthStar (now Colony Capital . DiamondHead Holdings Corp. 13 Jan 23. (800) 464-2924. 3. Finally, Bank of Montreal Can increased its position in DiamondHead by 14.8% in the third quarter. AlphaCrest Capital Management LLC Trims Position in Best Buy Co., Inc. AlphaCrest Capital Management LLC Sells 26,238 Shares of Hormel Foods Co. Burlington Stores, Inc. Shares Sold by Eaton Vance Management. . General Motors sold the plant to Mr. Burns in November 2019 for $20 million, prompting Mr. Trumps praise for the Lordstown founder. I (PLMI) to Combine with Sakuu in $705M Deal. Lordstown Motors, the one-year-old Ohio electric automaker that revealed a pickup truck prototype in June, has reached a deal to merge with special-purpose acquisition company DiamondPeak Holdings . On Thursday afternoon following the closure of US equity markets, a form 4 was filed for DiamondHead Holdings (NASDAQ:DHHC) which revealed the groups CEO and Chairman David Hamamoto had bought more stock in the blank check company ahead of its planned merger with Great Southern Homes. 2023 Renaissance Capital LLC. The article SPAC DiamondHead Holdings prices $300 million IPO; David Hamamoto follows up RIDE deal originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Neither Mr. Hamamoto nor his representatives talked to executives at Workhorse about Mr. Burnss stewardship or what had motivated him to suddenly resign and later pursue the factory in Ohio, a person briefed on the merger process said. Hamamoto's previous SPAC,DiamondPeak Holdings, went public in February 2019 and completed its merger withEV pickup truck developer Lordstown Motors (RIDE; +133% from $10 offer price) in October 2020. The 15 highest-paid corporate chiefs in America took home a whopping $1.1 billion last year -- about $70 million apiece on average. Many look for medium term catalysts that will drive the share price higher.