Market Pulse
United Homes Group stock set to debut with a near tripling, after SPAC merger closed
Shares of homebuilder United Homes Group Inc. rocketed 182.9% in premarket trading Friday, with the company set to debut on the Nasdaq Stock Market. The debut comes after merger of special-purpose acquisition company (SPAC) DiamondHead Holdings Corp. (UHG) and Great Southern Homes Inc., a builder of homes in the southeast U.S., closed on Thursday. The combined company was renamed United Homes Group and its stock will trade under the ticker symbol "UHG." At the time of the merger, which was announced in September 2022, the combined company was valued at $572 million. "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 proceeds from this transaction," said United Homes Chief Executive Officer Michael Nieri. "With keen focus on new home affordability, an established track record of success and a wealth of operational expertise, I am confident that United Homes Group can successfully grow its existing operations and expand into new markets."
-Tomi Kilgore
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March 31, 2023 06:25 ET (10:25 GMT)
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