Early-stage biotechnology company Renovacor and Chardan Healthcare Acquisition 2 have entered into a definitive business combination agreement. Pending shareholder approval, upon closing the combined company will be named Renovacor and its common stock is expected to list on the NYSE under RCOR.
Renovacor is expected to receive gross proceeds of up to $116 million, funded by approximately $86 million held in Chardan’s trust account and a common stock PIPE of $30 million at $10 per share. PIPE participants include Chardan Healthcare Investments, RTW Investments, Surveyor Capital (a Citadel company), Affinity Asset Advisors, Altium Capital, Ikarian Capital, Sio Capital Management, South Ocean Capital Management, and certain existing Renovacor stockholders including Acorn Bioventures, Longview Ventures (an affiliate of Broadview Ventures) and Innogest Capital.
Current Renovacor stockholders may also receive up to 2 million earn out shares if certain financial thresholds are met in the coming years. Read more.
