Business
DiamondHead Holdings Corp. and Great Southern Homes Announce Closing of Business Combination to Form United Homes Group, Inc.
COLUMBIA, S.C. & NEW YORK--(BUSINESS WIRE)-- DiamondHead Holdings Corp. (“DiamondHead”)(NASDAQ: DHHC), a special purpose acquisition company, and Great
About this update from United Homes Group, Inc
[{"type":"text","content":" COLUMBIA, S.C. & NEW YORK--(BUSINESS WIRE)--\nDiamondHead Holdings Corp. (“DiamondHead”)(NASDAQ: DHHC), a special purpose acquisition company, and Great Southern Homes, Inc. (“Great Southern Homes”), one of the largest homebuilders in the Southeast, jointly announced today that they have closed their previously announced business combination. With the closing, DiamondHead Holdings Corp. has been renamed “United Homes Group, Inc.” (“United Homes Group” or “the Company”), and its common stock will begin trading on The Nasdaq Stock Market under the ticker symbol “UHG” (NASDAQ: UHG) on March 31, 2023.\n\nGreat Southern Homes is one of the largest homebuilders in the Southeast, and builds homes in South Carolina and Georgia, and is expanding into North Carolina. Great Southern Homes focuses on the entry level and first time move up home buyer segments, and 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. Through organic growth, Great Southern Homes has become the 25th ranked starter-home builder and the 41st ranked single-family detached home builder in the United States, respectively, based on 2021 home closings according to Pro Builder’s 2022 Housing Giants Report.\n\nGreat Southern Homes’ Chief Executive Officer and Founder, Michael Nieri, and the current management team of Great Southern Homes will continue on to lead United Homes Group. DiamondHead Co-Chief Executive Officers David Hamamoto and Michael Bayles will join the Company as Directors, while DiamondHead Chief Financial Officer Keith Feldman will join the Company as its Chief Financial Officer.\n\n“Today marks an important milestone in the evolution of our Company,” said Michael Nieri, CEO of United Homes Group. “With the closing of our business combination with DiamondHead Holdings Corp., Great Southern Homes becomes United Homes Group, a publicly traded homebuilder with a proven track record of consistent profitability and homebuilding excellence. The Great Southern Homes brand, with hard-won reputation and consumer recognition, will continue as a builder label with United Homes Group. We currently have a strong presence in some of the best markets in the southeast and look forward to expanding our geographic footprint with the p...