Chardan NexTech Acquisition 2 Corp. Announces Pricing of Upsized $110 Million Initial Public Offering
Chardan NexTech Acquisition 2 Corp. announced the pricing of its upsized initial public offering (IPO) of 11,000,000 units at $10.00 per unit. The units will trade on Nasdaq under the ticker symbol "CNTQU" starting August 11, 2021. Each unit comprises one share of common stock and three-quarters of a redeemable warrant, with whole warrants priced at $11.50 per share. The offering is expected to close on August 13, 2021, and is led by Chardan as the sole book-running manager.
- Upsized IPO raising $110 million, indicating strong demand.
- Focus on disruptive technologies may attract investor interest.
- Potential dilution risk with the issuance of warrants.
- Uncertainty regarding the effectiveness of the offering and use of proceeds.
NEW YORK, Aug. 10, 2021 /PRNewswire/ -- Chardan NexTech Acquisition 2 Corp. (the "Company") announced today the pricing of its upsized initial public offering of 11,000,000 units at a price of
The offering is expected to close on August 13, 2021, subject to customary closing conditions.
The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in disruptive technologies. The Company is led by its Chairman of the Board of Directors, Kerry Propper, its Chief Executive Officer, Jonas Grossman, and its Chief Financial Officer, Alex Weil.
Chardan is serving as sole book-running manager and B. Riley Securities, Inc. is acting as the qualified independent underwriter for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,650,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st Floor, New York, New York 10004, or by calling (646) 465-9001.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the "SEC") on August 10, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Jonas Grossman
CEO, Chardan NexTech Acquisition 2 Corp.
jgrossman@cnaq.com
View original content:https://www.prnewswire.com/news-releases/chardan-nextech-acquisition-2-corp-announces-pricing-of-upsized-110-million-initial-public-offering-301352787.html
SOURCE Chardan NexTech Acquisition 2 Corp.
FAQ
What is the initial public offering price for CNTQU?
When will CNTQU start trading on Nasdaq?
What does each unit of CNTQU consist of?
What is the expected closing date for the CNTQU offering?