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Chardan Healthcare Acquisition 2 Corp. (NYSE: CHAQ) announced stockholder approval for its business combination with Renovacor, an early-stage biotech firm focused on AAV-based gene therapies. The Special Meeting, held on September 1, 2021, saw approximately 97.3% of shares voted in favor of the merger. The closing is expected on September 2, 2021, with trading under the new ticker 'RCOR' commencing on September 3. The transaction will yield gross proceeds of about $95.1 million, bolstered by a $30 million PIPE financing involving several prominent investors.
On August 25, 2021, Renovacor appointed Dr. Matt Killeen as Chief Scientific Officer, effective September 1, 2021. This appointment aims to advance its adeno-associated virus (AAV) gene therapy pipeline for cardiovascular and central nervous system diseases linked to BAG3 gene variants. Renovacor is set to merge with Chardan Healthcare Acquisition 2 Corp. (CHAQ), with completion expected in Q3 2021. Dr. Killeen's experience from BioMarin Pharmaceutical focuses on developing therapies for genetic heart diseases, which Renovacor seeks to leverage for clinical success.
Chardan Healthcare Acquisition 2 Corp. (CHAQ) set August 5, 2021, as the record date for stockholders eligible to vote on the merger with Renovacor, a Delaware corporation. This follows a definitive agreement announced on March 23, 2021, for Renovacor to become publicly listed. CHAQ, which raised approximately $86 million in April 2020, is focused on merging with an operating business. Renovacor specializes in gene therapies targeting diseases linked to BAG3 gene mutations, particularly cardiovascular disease. A proxy statement detailing the special meeting will be mailed to stockholders.
Renovacor, a biotechnology company focused on AAV-based gene therapies for cardiovascular and CNS diseases, announced a merger with Chardan Healthcare Acquisition 2 Corp (CHAQ). The business combination is anticipated to yield gross proceeds of up to $116 million, including $86 million from CHAQ's trust account and a $30 million PIPE investment. Renovacor aims to develop its BAG3-associated dilated cardiomyopathy therapy, seeking IND submission by mid-2022. Following the merger, CHAQ will be renamed Renovacor and listed under the ticker 'RCOR'. The transaction is set to close in Q2 2021, pending stockholder approval.
