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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