Hong Kong SPAC nixes diagnostics merger; Clay Siegall will run a public biotech again
HH&L Acquisition Co., a SPAC that went through a $360 million IPO in early 2021, has reneged on its business combination agreement.
The Hong Kong-based blank check pulled plans to take California molecular diagnostics company DiaCarta public via a merger. In an SEC filing, HH&L said it terminated the deal last week, “based on breaches by DiaCarta of certain representations and covenants contained in the business combination agreement and fraudulent misrepresentation on the part of DiaCarta.”
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