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. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
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The company is led by CEO and Chairman David Hamamoto, founder of Diamond Head Partners and former Executive Vice Chairman of Colony Capital. He is joined by CFO and Director Keith Feldman, former CFO of NorthStar Realty Europe (NYSE: NRE) and Managing Director of Colony Capital.
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. Additionally, it plans to focus on businesses with enterprise values between $350 million and $2 billion.
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.
DiamondHead Holdings plans to list on the Nasdaq under the symbol DHHCU. Goldman Sachs acted as lead manager on the deal.
