In March, Djordje Karacic, a 23-year-old information technology worker in Koper, Slovenia, bought the stock after learning that it had licensed technology from Elaphe Propulsion Technologies, a Slovenian firm. Want to see what other hedge funds are holding DHHC? 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. Wed be lying to ourselves if we thought this was a fair market., Behind the Lordstown Debacle, the Hand of a Wall Street Dealmaker, https://www.nytimes.com/2021/07/13/business/lordstown-motors-dealmaker.html. Steve Burns, the founder of Lordstown Motors, at its plant in Ohio last year. This information is used to improve our services. He also serves as Advior at Life House. David T. Hamamoto. 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. 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. The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. David Hamamoto. One said Mr. Burns liked to engage in magical thinking, behaving as if he could will things into existence. The 15 highest-paid corporate chiefs in America took home a whopping $1.1 billion last year -- about $70 million apiece on average. 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. Find Instagram, Twitter, Facebook and TikTok profiles, images and more on IDCrawl. The company's principal address is 4 Gatehall Dive . 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 . Give Hamamoto props for checking out the technology, but not checking out the jockey of the horse is an astonishing due-diligence failure., A representative for Mr. Hamamoto said, DiamondPeak performed extensive due diligence of Lordstown., Mr. Hamamoto declined to be interviewed. DiamondHead Holdings plans to list on the Nasdaq under the symbol DHHCU. Mr. Hamamoto remains at Lordstown, but has floated a new shell company, in which BlackRock is again an investor. Mr. Hamamoto is a citizen of the United States of . 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. David Hamamoto is the CEO and Chairman of SPAC firm Diamondhead Holdings and. Upon closing of the merger, GSH will become a publicly traded company, and DiamondHead (NASDAQ: DHHC) [] Honolulu, HI 96815. A. from Wharton School of Business at the University of Pennsylvania. Mr. Burns did not respond to requests for comment. 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 . Small investors began piling into Lordstown shares after the merger closed, attracted to the hype around electric vehicles. 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. Occidental Petroleum Pulls Back To The Sweet Spot. You can see DiamondHead Holdings' historic earnings and revenue below, but keep in mind there's always more to the story. Significant Real Estate & Public Markets Experience . Sullivan & Cromwell LLP is acting as counsel to DHHC. On Thursday afternoon following the closure of US equity markets, a form 4 was filed for DiamondHead Holdings 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.These trades come only one week after the Chairman bought 1 million shares at $1.09 last week on the 12th of January. I still think Lordstown is a great opportunity and they have a great product and a great factory, Mr. Lukens said. 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 . The clock was ticking for David Hamamoto. 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. Each unit consists of one share of . Mr. Karacic, who hasnt broken even, said he harbored no ill will toward the early investors. 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. DiamondHead and Antara Capital. The site owner may have set restrictions that prevent you from accessing the site. 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 . Hamamoto left the new company, Colony NorthStar, in November 2017. 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. Goldman Sachs & Co. LLC is serving as book-running manager for the offering. 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. Diamondhead Holdings Corp. (DHHC) latest news, insider trading and hedge fund ownership data provided by Insider Monkey. DiamondHead is co-sponsored by Antara Capital, which is an event-driven hedge fund founded by Himanshu Gulati in 2018 that invests across a wide variety of financial instruments, including loans, bonds, convertible bonds, stressed/distressed credit and special situation equity investments. The consulting firm said the technology was viable, and the deal came together in weeks. Jan 18, 2019 INTEL by Kristi Marvin. And Lordstown has yet to begin producing its first truck. 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. Landscape Capital Management L.L.C. Jan 26, 2021 08:23AM EST. Its stock price has plunged to $9, from around $31. His special purpose acquisition company, DiamondPeak Holdings, merged with Lordstown Motors. DiamondHead Holdings was founded in 2020 and plans to list on the Nasdaq under the symbol DHHCU. 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. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. David Hamamoto was the founder and Chairman of the previously publicly-traded NorthStar real estate related companies: NorthStar Realty Finance Corp., NorthStar Asset Management Group, Inc. and NorthStar Realty Europe Corp. 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. Insider Sales DHHC / DiamondHead Holdings Corp. Class A - Short . The following month, SEC filings showed Hamamoto sold off large chunks of his shares at prices as high as $12 per unit, making $27 million. 4. DHP MARANA, LLC is an Arizona Foreign LLC filed on July 6, 2020. New York, New York 101777. It happens all the time, everywhere, he said. At the same time, some early Wall Street investors and senior Lordstown executives used the opportunity to sell their stock. 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." . Ray ID: 7a2d9d928d2fd229 This was a buyer beware situation, he said. GSH plans to employ a capital efficient land-light operating model that is expected to generate higher returns with lower cyclical risk compared to a traditional homebuilding operating model. 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. 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.. Recent insider trades. Copy and paste multiple symbols separated by spaces. 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. Silicon Valley-based Sakuu makes solid-state and lithium metal batteries for complex active devices using proprietary additive manufacturing processes. 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 . Marcum LLP serves as auditor. Our management team is led by our Chief Executive Officer and Chairman, David Hamamoto, and our Chief Financial Officer, Keith Feldman. In addition to a bit of money, you should bring your own water bottles (there are fountains at the beginning of the trail, but none as you ascend), a hat and sunscreen, and good walking shoes. 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. All rights reserved. By contrast, SPAC mergers give companies that would find it challenging to go public on their own an easier path to the public markets. 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. I (PLMI) to Combine with Sakuu in $705M Deal. 4. Our website may send a cookie to your computer or mobile device. 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. Mr. Burns, 62, left Workhorse in February 2019 to start Lordstown, leaving behind years of losses and a company that produced just a few hundred vehicles. 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 . Goldman Sachs acted as lead manager on the deal. 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 . He resigned as chief executive in June. Written by 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. As of Aug. 6, Colony was trading at $1.98 per share. 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. 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. A special committee of Lordstowns board reviewed the stock sales and said it had found nothing improper. 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. He and Mr. Burns, who owns 26 percent of Lordstown, are bound by the merger agreement to hold on to their shares until October. This cookie is a text file stored on your computer that is used for analytic web usage information. He is joined by CFO and DirectorKeith Feldman, formerCFO of NorthStar Realty Europe (NYSE: NRE) and Managing Director of Colony Capital. Important Disclosures 3. A Wall Street innovation, SPACs are all the rage, having raised more than $190 billion from investors since the start of 2020, according to SPACInsider. Lordstown also operated in an industry with one of the lowest rates of success; few start-ups have succeeded at mass producing electric vehicles. Martha Hamamoto currently lives in New York, NY; in the past Martha has also lived in Park City UT and Surfside FL. DHHCU. Tudor Investment Corp Et Al Increases Holdings in Artivion, Inc. BlackRock Inc. Sullivan & Cromwell LLP is serving as Issuers Counsel with Ropes & Gray LLPserving as Underwriters Counsel. DiamondHead Holdings Corp. 25 Jan 21. Will Q4 Results Send Zoom Video Stock Higher? David T Hamamoto is Lead Director at Lordstown Motors Corp. See David T Hamamoto's compensation, career history, education, & memberships. He began selling his stock after the companys bullish predictions didnt come to fruition and walked away with about $4,000 in profits. DiamondHead Holdings Corp. - DHHC / DiamondHead Holdings Corp. Class A / HAMAMOTO DAVID T - SC 13D Activist Investment - SC 13D - February 06, 2023 . 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. These symbols will be available throughout the site during your session. We look forward to supporting the companys growth trajectory and future M&A plans.. David Hamamoto is the CEO and Chairman of SPAC firm Diamondhead Holdings and. which had by then invested $75 million in Lordstown and viewed it as a long-term holding in his portfolio. 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. Cookies collect anonymous information, but not personally identifiable information. The company also shared additional information about itself with DiamondPeak. Tourist walkway in Diamond Head State Monument. In late September, Mr. Burns showed off a prototype of the Endurance truck at the White House an unveiling attended by Mr. Trump. Zoom Video Communications, Inc. (NASDAQ:ZM) Shares Acquired by BlackRock Inc. BlackRock Inc. Lowers Position in APA Co. (NASDAQ:APA), Piper Sandler Boosts Duolingo (NYSE:DUOL) Price Target to $127.00, BlackRock Inc. Cuts Holdings in NortonLifeLock Inc. (NASDAQ:NLOK), Altair Engineering Inc. (NASDAQ:ALTR) Insider Sells $161,325.00 in Stock, Caisse DE Depot ET Placement DU Quebec Has $2.15 Million Position in Franklin Resources, Inc. (NYSE:BEN), Capital Fund Management S.A. Makes New Investment in CVR Energy, Inc. (NYSE:CVI), 12,000 Shares in Stratasys Ltd. (NASDAQ:SSYS) Purchased by Gabelli Funds LLC. Mr. Hamamoto left the next year, selling stock worth $27 million. The founder has bought 1.25 million shares above the SPAC merger price and ahead of the completed merger. This offering is expected to close on Thursday, January 28. Form S-4/A (registration of securities, business combinations) filed with the SEC 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. DiamondHead Holdings Corp. (Name of Issuer) Class A Common Stock, par value $0.0001 per share (Title of Class of Securities) 25278L105 (CUSIP Number) David T. Hamamoto. He is joined by CFO and Director Keith Feldman, formerCFO of NorthStar Realty Europe (NYSE: NRE) and Managing Director of Colony Capital. BlackRock, which originally owned a little more than 2 percent of the combined company, reported owning about 1 percent in March. DiamondHead Holdings Corp. . The transaction is expected to close during the first quarter of 2023. SC 13G. (Photo Credit: Jamison Logan / Shutterstock.com) 5. 4. This page provides a comprehensive analysis of the known insider trading history of David T Hamamoto. I am excited for the next chapter for GSH, where, through the combination of my operational expertise with David Hamamoto s public company and capital markets experience, we plan to grow UHG into a leading national homebuilder.. This offering is expected to close on Thursday, January 28. 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. Wolverine Asset Management LLC increased its position in DiamondHead by 146.7% in the third quarter. document.write(new Date().getFullYear()) United Homes Group. The company filed confidentially on November 5, 2020.