DiaCarta To Become A Publicly Listed Company Through Merger With HH&L Acquisition Co.

DiaCarta, Ltd. ("DiaCarta" or the "Company"), a precision molecular diagnostics company and developer of novel oncology and infectious disease tests, and HH&L Acquisition Co. (NYSE:HHLA, HHLA, HHLA WS))))) ("HH&L"), a publicly traded special purpose acquisition company ("SPAC"), today announced that they entered into a definitive business combination agreement (the "Business Combination Agreement") that is expected to result in DiaCarta becoming a publicly listed company (the "Transaction" or "Business Combination"). The Transaction is expected to provide DiaCarta with access to the approximately $414 million cash from HH&L's IPO proceeds held in trust, assuming no redemptions by HH&L's shareholders and prior to the payment of transaction expenses, and potential additional financing to catalyze DiaCarta's growth. The Transaction implies a pre-money equity value of $460 million for DiaCarta on a fully diluted basis and is expected to close in the first quarter of 2023. The Transaction positions DiaCarta to capitalize on significant future growth within existing and new markets.

HH&L is led by Kenneth W. Hitchner, Richard Qi Li and a management team with significant experience in identifying and investing in attractive growth opportunities in the global healthcare industry, and Fenglai Fang, Chairman of HOPU Investments, serves as an adviser.

Upon closing of the Transaction, the combined company will be listed on the New York Stock Exchange. The combined company will continue to be based in Pleasanton, California, and led by Aiguo (Adam) Zhang, Founder and Chief Executive Officer of DiaCarta, and other key members of DiaCarta's management team.