Chardan Healthcare Acquisition Corp. Announces Amendment to Merger Agreement with BiomX Ltd.
(CHAC)
Company Research
Source: PR Newswire
NEW YORK and NESS ZIONA, Israel, Oct. 14, 2019 /PRNewswire/ -- Chardan Healthcare Acquisition Corp. (NYSE: CHAC, "CHAC"), a special purpose acquisition company ("SPAC") sponsored by affiliates of Chardan Capital Markets LLC ("Chardan") and BiomX Ltd. ("BiomX"), a microbiome company developing both natural and engineered phage therapies, announced that they entered into an amendment to their definitive agreement.In connection with the amendment:Investors have committed or are expected to commit to an additional purchase of $5.0 million of CHAC shares. Cornix Advisors, LLC, an affiliate of Chardan, has entered into a securities purchase agreement with a current shareholder of CHAC to purchase $2.0 million of CHAC shares at $10.35 per share. Current shareholders of BiomX are expected to enter into similar share purchase agreements for $3.0 million of CHAC shares, also at $10.35 per share. The minimum closing condition was increased from $50 million to $55 million of cash in CHAC's escrow
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