Chardan Healthcare amends merger agreement with BiomX

Oct. 14, 2019 8:14 AM ETPHGEBy: Mamta Mayani, SA News Editor
  • 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.

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