Chardan NexTech Acquisition 2 priced its upsized IPO of 11 million units at $10 each, an increase of 10 percent from the 10 million units initially registered in March.
Units begin trading on the Nasdaq today under CNTQU. Each consists of one share and three-quarters of a redeemable warrant. Whole warrants will be exercisable at $11.50 for a share. Once the securities begin trading separately, stock and warrants will list under CNTQ and CNTQW.
The offering is expected to close Aug. 13.
The SPAC intends to concentrate its search for a target business operating in disruptive technologies.
Chardan is sole book-running manager and B. Riley Securities is the independent underwriter for the offering. The underwriters have an option to purchase up to an additional 1.65 million units to cover over-allotments, if any. Read more.