Chardan NexTech Acquisition 2 in an 8-K disclosed shareholder redemptions have erased $21.4 million from its trust account, leaving about $10.5 million. The news comes ahead of a shareholder vote scheduled today on whether to merge with Dragonfly Energy, which is engaged in energy storage and production of deep cycle lithium-ion storage batteries.
Chardan had announced last week that it secured a $75 million loan to support the deal. The SPAC also has a $15 million stock purchase agreement with THOR Industries.
Announced in May, the $500 million deal includes an earn-out provision for up to an additional 40 million shares. Read more.
