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SPAC Chardan NexTech Acquisition lowers deal size by 25% ahead of $150 million IPO

October 18, 2021

Chardan NexTech Acquisition, a blank check company formed by Chardan targeting disruptive healthtech and fintech, lowered the proposed deal size for its upcoming IPO on Monday.

The New York, NY-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 20 million units at the same price. Each unit now consists of one share of common stock and one warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. At the revised deal size, Chardan NexTech Acquisition will raise -25% less in proceeds than previously anticipated.

The company is led by Chairman Kerry Propper, co-founder and Chairman Chardan, and co-founder and managing partner of ATW Partners, and CEO and Director Jonas Grossman, Managing Partner and Head of Capital Markets for Chardan. The company plans to target disruptive technology businesses that operate within the healthtech and fintech sectors.

Chardan NexTech Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol CNAQU. Chardan Capital Markets is the sole bookrunner on the deal.