All rights reserved. DiamondHead Holdings Corp. 25 Jan 21. Press Release On Monday September 12th, 2022, it was publicly announced that Great Southern Homes (GSH), one of the largest homebuilders in the Southeast, entered into a definitive merger agreement with DiamondHead Holdings Corp., a special purpose acquisition company. The sponsor of DiamondHead is DHP SPAC-II Sponsor LLC, an entity controlled by David Hamamoto. DiamondHead and Antara Capital. Mr. Lawrence, 46, said he believed Lordstown would succeed largely because of the implicit backing of G.M. DiamondHead co-CEO and chairman David Hamamoto has over 40 years of experience in real estate investing, as well as operating both private and public real estate businesses. 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. 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 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). MERGER IMAGE: David Hamamoto & Mike Satterfield DATE: 09/12/2022 COMPANIES: Great Southern Homes, Inc & DiamondHead Holdings Corp VALUATION: $572,000,000 Ray ID: 7a2d9d928d2fd229 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. Steve Burns, the founder of Lordstown Motors, at its plant in Ohio last year. We have David Hamamoto, who is the Chairman and Co-CEO of DiamondHead Holdings, our SPAC partner, and will also be a UHG board member. Mr. Hamamoto and Mr. Feldman have had a relationship for more than 15 years and average more than 30 years of real estate and alternatives investing experience across the public and private markets. Goldman Sachs acted as lead manager on the deal. Mr. Burns did not respond to requests for comment. A longtime real estate investor and former Goldman Sachs executive decided to take an electric truck company public. . Mr. Hamamoto, 61, has owned or operated splashy hotels, office buildings and nursing homes, eventually teaming up with others to build a real estate investment firm, NorthStar Investment. To specify this, check the privacy settings on your browser. The company is led by CEO and ChairmanDavid Hamamoto, founder ofDiamond Head Partners and formerExecutive Vice Chairman of Colony Capital. Founder of Northstar Asset Management Group, Inc., NorthStar Realty Europe Corp., NorthStar Capital Investment Corp. and Diamond Head Partners LLC, David T. Hamamoto is an entrepreneur and businessperson who has been at the helm of 15 different companies and presently is Chairman for Northstar Europe SA, Chairman at Ns Real . Sullivan & Cromwell LLP is acting as counsel to DHHC. 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. Written by David Hamamoto is the CEO and Chairman of SPAC firm Diamondhead Holdings and. Copy and paste multiple symbols separated by spaces. In Lordstown, those forces eventually collided, highlighting the uneven playing field between Wall Street and Main Street. Hawaiians call it Lahi (brow of the tuna) in reference to the formation's ridgeline, which resembles the tuna fish's dorsal fin. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. 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. Total SPAC deal count for 2021 year-to-date is now 74 with $20.98 billion in gross proceeds raised. View David Hamamoto's profile on LinkedIn, the world's largest professional community. Sullivan & Cromwell LLP is serving as Issuers Counsel with Ropes & Gray LLPserving as Underwriters Counsel. With Lordstown shares trading around $18 in November, George Troicky, a self-employed investor from Cleveland, dived in, and he continued to buy over the next few months. Good technology isnt enough, Mr. Gordon said. 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., Michael Nieri, Founder and CEO of Great Southern Homes, said For over 20 years I have worked to build GSH into the leading Southeast homebuilder it is today. Upon closing of the merger, GSH will become a publicly traded company, and DiamondHead (NASDAQ: DHHC) [] David Hamamoto lives in New York, NY; previous cities include Honolulu HI and Park City UT. Recent insider trades. What followed was a swift merger, then a debacle that put two of the biggest forces shaping the financial world on a collision course. David T. Hamamoto. 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. DiamondHead Holdings Corp. ("DiamondHead") (NASDAQ: DHHC) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. We believe GSH is a best in class operator with significant potential to grow throughout the United States. GSH is currently one of the largest homebuilders in the Southeast. Additionally, it plans to focus on businesses with enterprise values between $350 million and $2 billion. Landscape Capital Management L.L.C. In a statement, he said: During our diligence prior to entering into our business combination, it was clear that we have the technology and the assets to develop the first and best full-size all-electric pickup truck. He added that the board, management and the entire team are focused on making Lordstown Motors a success as we transition to the commercial stage of our business.. The company is led by CEO and Chairman David Hamamoto, founder of Diamond Head Partners and former Executive Vice Chairman of Colony Capital. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. David has 1 job listed on their profile. David Hamamoto General Information. Bank of Montreal Can now owns 654,322 shares of the companys stock worth $6,465,000 after buying an additional 84,434 shares during the last quarter. Lordstown went public in October via a merger with Mr. Hamamotos special purpose acquisition company, DiamondPeak Holdings. The obligation of GSH to complete the transaction is subject to a minimum cash condition of $125 million. Renaissance Capital LLC is an SEC-registered investment adviser. 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 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 . James Wei's company, Puuwai Estate LLC, owns 3133 Diamond Head Road and Peter Tomozawa's (correct spelling) wife, Donna Leduc . A few months earlier, other insiders had sold $3 million worth of shares. Track SPACs on IPO Pro. In November, Mr. Burns said there were 50,000 serious orders, and in January the number shot up to 100,000. 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.. In 2017, NorthStar merged with Colony Capital, a firm run by Mr. Trumps longtime ally Thomas J. Barrack Jr., to create a company with $58 billion in assets. Should you choose not to accept cookies, this may have an effect on website performance or accessibility. DiamondHead Holdings Corp. is a blank check special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. 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. 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. In addition, approximately 2.1 million shares owned by the Sponsor currently will be subject to the earn-out. Small investors, who have become active players in the stock market in recent years, were among those driving up the price. Additionally, we are building out a programmatic, institutional build-to-rent platform, where our current product set and geographic footprint are well positioned to meet the demands of the strong and growing rental market for single family homes., David Hamamoto, Chairman and 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 shared long-term vision. 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 . SC 13G. Shares of NASDAQ DHHC opened at $10.14 on Wednesday. Now Lordstown is flailing. The Registered Agent on file for this company is CT Corporation System and is located at 3800 North Central Avenue, Suite 460, Phoenix, AZ 85012. Don't risk buying another IPO without IPO Pro. One said Mr. Burns liked to engage in magical thinking, behaving as if he could will things into existence. He is joined by CFO and DirectorKeith Feldman, formerCFO of NorthStar Realty Europe (NYSE: NRE) and Managing Director of Colony Capital. Also in February, the Securities and Exchange Commission began investigating Lordstown about statements that Mr. Burns had made about the companys sales prospects. The company's CEO David Hamamoto is the largest shareholder with 20% of shares outstanding. Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. Copyright 2012 - 2023 | citybiz | All Rights Reserved, Advertising / Media / Communications / Public Relations. 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. All rights reserved. wouldnt partner up with some schmucks.. 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. DiamondHead Holdings Corp. - DHHC / DiamondHead Holdings Corp. Class A / HAMAMOTO DAVID T - SC 13D Activist Investment - SC 13D - February 06, 2023 . At the proposed deal size, DiamondHead Holdings would command a market value of $375 million. New York, New York. You can see DiamondHead Holdings' historic earnings and revenue below, but keep in mind there's always more to the story. Stephen Cummings, who has known Mr. Hamamoto for 15 years and served on the board of one of his companies, said the investor has been successful because he is smart, creative and consistently reliable, and has always kept the interests of all his shareholders at heart. Mr. Hamamoto, along with members of his team and Goldman bankers, made at least two visits to the Lordstown factory in Lordstown, Ohio, to meet with Mr. Burns in June last year, according to regulatory documents. David Hamamoto in 2007. 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. Mr. Karacic, who hasnt broken even, said he harbored no ill will toward the early investors. Additionally, it plans to focus on businesses with enterprise values between $350 million and $2 billion. 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. 4. It happens all the time, everywhere, he said. 4. Nelson Mullins Riley & Scarborough LLP is acting as counsel to GSH. Date Owner Security . Martha Hamamoto is 63 years old and was born on 03/29/1959. The site owner may have set restrictions that prevent you from accessing the site. HAMAMOTO DAVID T Director: 12,328: $0: 4,241,463 (Direct) View: 2021-01-25 Ownership: 2021-01-25 8:52 pm: N/A N/A: DiamondHead Holdings Corp. DHHC: HAMAMOTO DAVID T DHP SPAC-II Sponsor LLC CEO Chairman: 0: $0: 8,625,000 (Indirect) View: 2020-10-22 Exercise: 2020-10-26 8:33 pm: N/A N/A: Lordstown Motors Corp. RIDE: HAMAMOTO DAVID T Director . Chaos ensued. Additionally, it plans to focus on businesses with enterprise values between$350million and $2 billion. He is joined by CFO and Director Keith Feldman, formerCFO of NorthStar Realty Europe (NYSE: NRE) and Managing Director of Colony Capital. The stock has a fifty day moving average of $10.09 and a 200-day moving average of $9.98. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. New York, New York 101777. Small investors began piling into Lordstown shares after the merger closed, attracted to the hype around electric vehicles. 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). 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. 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. The cookie may also be used to present advertising tailored to your web usage. The clock was ticking for David Hamamoto. At the same time, some early Wall Street investors and senior Lordstown executives used the opportunity to sell their stock. This offering is expected to close on Thursday, January 28. David Hamamoto. 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 . According to the SEC Form 4 filings, David T Hamamoto has made a total of 0 transactions in NorthStar Realty Finance Corp (NRF) over the past 5 years. diamondhead holdings corp c/wts 28/01/2028 (to pur com)(dhhcw) 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. While the company has not selected a target industry or geography, DiamondHead Holdings plans to focus on businesses withcompelling growth potential and competitive market position, strong management teams, among other characteristics. . increased its position in DiamondHead by 177.5% in the third quarter. Erik Gordon, a business professor at the University of Michigan, said Mr. Hamamoto had an obligation to check into all aspects of Lordstown before signing the deal, including Mr. Burnss abilities to run a large public company. Owens Corning (NYSE:OC) Shares Sold by Capital Fund Management S.A. Nucor Co. (NYSE:NUE) Shares Sold by Blueshift Asset Management LLC, Stratasys Ltd. (NASDAQ:SSYS) Stock Holdings Lifted by AlphaCrest Capital Management LLC, Blueshift Asset Management LLC Lowers Stock Position in Urban Outfitters, Inc. (NASDAQ:URBN). Insider . Martha Hamamoto currently lives in New York, NY; in the past Martha has also lived in Park City UT and Surfside FL. Important Disclosures Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DiamondHead Holdings Corp. (NASDAQ:DHHC Get Rating). As part of the transaction, all of GSHs existing shareholders will roll 100% of their shares into shares of the combined company and, assuming no redemptions from DHHC public shareholders, will hold approximately 51% of the shares of the combined company on closing. David Hamamoto: Individual: 250,000: US$10.09: 12 Jan 23: Buy US$10,090,000: David Hamamoto: Individual: 1,000,000: US$10.09: Insider Trading Volume. Mr. Hamamoto left the next year, selling stock worth $27 million. which had by then invested $75 million in Lordstown and viewed it as a long-term holding in his portfolio. Goldman Sachs & Co. LLC is serving as book-running manager for the offering. Insider Sales DHHC / DiamondHead Holdings Corp. Class A - Short . 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. You've requested a page on a website (cloudflarepreview.com) that is on the Cloudflare network. But Mr. Hamamoto didnt focus much on assessing the work experience of Lordstowns management team, including Mr. Burns, who would continue to run the company after the SPAC merger, two people familiar with the matter said. . Assuming no redemptions from DHHC shareholders, the transaction will deliver approximately $320 million in cash proceeds, net of estimated transaction costs, to the combined company including a $25 million commitment to purchase and not redeem DHHC public shares from the DHHC sponsor group, including David Hamamoto and Antara Capital. DiamondHead Holdings, CEO and Chairman 250 Park Avenue, New York, NY, 212-572-6260 . Don't risk buying another IPO without IPO Pro. 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 . Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Copyright 2023 Surperformance. David Hamamoto is a Chairman Chairman's Search Committee at Lordstown Motors based in Lordstown, Ohio. You do not have access to www.builderonline.com. The latest filing, Hamamoto disclosed the purchase of 250,000 DHHCU shares at an average price of $10.087 each per share. Honolulu, HI 96815. 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. 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 shared long-term vision. Jan 18, 2019 INTEL by Kristi Marvin. The transaction is expected to close during the first quarter of 2023. General Motors sold the plant to Mr. Burns in November 2019 for $20 million, prompting Mr. Trumps praise for the Lordstown founder. It is illegal for insiders to make trades in their companies based on specific, non-public information. David Hamamoto. MarketBeat.com's FREE daily email newsletter, Kroger Shares Gap Up on Better-Than-Expected Earnings. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. 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 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. Find Instagram, Twitter, Facebook and TikTok profiles, images and more on IDCrawl. Employer Identification No.) The transaction values the combined company at a pro forma enterprise value of approximately $572 million, as of December 31, 2022. Receive News & Ratings for DiamondHead Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DiamondHead and related companies with MarketBeat.com's FREE daily email newsletter. The company expects that the last day of trading of its units, Class Altimar Acquisition Corp. III (NYSE:ATAQ)announced in an 8-K this afternoon that it has again adjourned its extension vote and will reconvene onMarch 6 at 4:00 p.m. A total of 15,801,410 ordinary shares, representing approximately 81.42% of Altimars outstanding shares, participated in the meeting, so turnout was not an issue, but it is likely that redemption Latest Non-Redemption Agreements: Northern Star Investment Corp. III, Northern Star Investment Corp. IV, M3-Brigade II Northern Star Investment Corp. III (NSTC)Enters Non-Redemption Agreement Northern Star Investment Corp. III(NYSE:NSTC)entered into its fourth non-redemption agreement with several unaffiliated third parties in exchange for them agreeing not to redeem an aggregate of 1,400,000 shares in connection with the Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 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 . Regulators are investigating whether its founder, Steve Burns, who resigned as chief executive in June, overstated claims about truck orders. He was eager to do a deal. 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. Sign in to view structure, cap table, and calendar of events. Founder of Northstar Asset Management Group, Inc., NorthStar Realty Europe Corp., NorthStar Capital Investment Corp. and Diamond Head Partners LLC, David T. Hamamoto is an entrepreneur and businessperson who has been at the helm of 15 different companies and currently occupies the position of Chairman of Northstar Europe SA . This offering is expected to close on Thursday, January 28. Cookies collect anonymous information, but not personally identifiable information. Will Q4 Results Send Zoom Video Stock Higher? David Hamamoto. The fund owned 147,501 shares of the companys stock after buying an additional 37,626 shares during the quarter. He is joined by CFO and Director Keith Feldman, formerCFO of NorthStar Realty Europe (NYSE: NRE) and Managing Director of Colony Capital. 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.