Chardan Healthcare Acquisition (NYSEMKT:CHAC), a special purpose acquisition company ("SPAC") sponsored by affiliates of Chardan Capital Markets LLC and BiomX Ltd. have entered into an amendment to their definitive agreement.
In connection with the amendment: Investors have committed to an additional purchase of $5M of CHAC shares at $10.35/share.
The minimum closing condition was increased from $50M to $55M of cash in CHAC's escrow trust account.
The agreement of Chardan Investment to cancel up to 500,000 CHAC shares in the event that the aggregate investment amount is less than $70M was terminated.
Try Seeking Alpha PREMIUM for unlimited analysis