Chardan NextTech Acquisition 2 Corp. (NASDAQ:CNTQ) announced in a press release this afternoon that its shareholders approved its combination with energy storage firm Dragonfly Energy at a special meeting held earlier today.
Over 99.9% of the votes cast at today’s meeting were in favor of the merger. CNTQ disclosed yesterday that it received requests to redeem 79.4%, or 2,071,910, of its shares, but the SPAC also saw 9,556,652 shares redeemed during its August extension vote, bringing the total to 91.93%.
Based off of yesterday’s redemption numbers, $31,430,584.81 will be removed from CNTQ’s trust account, leaving it with approximately $10,565,137.34 and 1,021,438 shares.
As a refresher, Chardan NextTech 2 recently secured a $75 million loan with CCM Investments 5 LLC, an affiliate of Chardan Capital Markets, and EICF Agent LLC, and a $15 million stock purchase agreement with THOR Industries.
The SPAC did not provide further details on the closing timeline of the deal, but it is expected to close shortly. Upon closing, the combined company will trade on the Nasdaq under the ticker symbol “DFLI”.
Chardan NextTech 2 announced its $500 million business combination with Dragonfly on May 16. Reno, Nevada-based Dragonfly creates lithium-ion batteries equipped with a proprietary battery management system that are currently used in recreational vehicles (RVs), marine vessels, material handling, off-grid residences and solar applications.
ADVISORS
- Stifel, Nicolaus & Company, Incorporated is serving as financial advisor.
- O’Melveny & Myers, LLP and Parsons Beble & Latimer are serving as legal counsel to Dragonfly.
- Chardan is serving as financial advisor, Stifel and Chardan are acting as joint placement agents, Skadden, Arps, Slate, Meagher & Flom LLP and Brownstein Hyatt Farber Schreck, LLP are serving as legal counsel to CNTQ.
- Energy Impact Partners is serving as lead arranger of the senior secured term loan.
- Chapman and Cutler LLP is serving as legal counsel to Energy Impact Partners.
At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...
RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...
AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...
At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...
Global Technology I (NASDAQ:GTAC) has entered into a definitive agreement to combine with art marketplace Tyfon at an enterprise value of $434 million, or 12.7x its $34 million 2023 EBITDA. Suzhou, China-based Tyfon operates as a dealer of Chinese contemporary art, selling pieces online and through traditional exhibition methods. The combined company is expected to...