Chardan China Acquisition Corporation
Note: On December 20, 2004, Chardan China Acquisition Corporation (CAQC) announced that it had entered into an agreement to purchase a British Virgin Islands holding company (“Origin”) formed to acquire four Chinese companies engaged in the production and sale of agricultural corn, cotton and rice seeds.
Number of units sold: 4,025,000
Price per unit: $6.00
Terms of deal: One share of common stock and warrants to purchase two shares of common stock at $5.00 per share.
Underwriters: EarlyBird Capital
Ticker symbols
Common stock: CAQC
Warrants: CAQCW
Units: CAQCU
Common shares outstanding subsequent to IPO: 4,900,000
Shares held by public shareholders: 4,025,000
Shares held by insiders: 875,000
Percentage held by public shareholders: 82.1%
Gross proceeds raised: $24,150,000
Net proceeds held in escrow: $20,527,500
Escrowed proceeds per share held by public shareholders: $5.10
Date of IPO: March 17, 2004
Date of original filing: January 16, 2004
Current stock price (as of January 7, 2005)
Common stock: $6.50
Warrants: $1.80
Units: $9.75
Description of business: Chardan China Acquisition Corp. is a newly organized blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business that has its primary operating facilities located in the People's Republic of China.
Biographical information for significant officer: Dr. Richard D. Propper has been our chairman of the board of directors since our inception. In June 2001, he formed Chardan Ventures, a venture capital management and financial strategic consulting firm based in Southern California, and has been its manager since its formation. During this time, Dr. Propper has been focused principally on building business relationships between Chinese and U.S. companies. From June 2002 to July 2003, Dr. Propper was chief executive officer and chairman of the board of Mera Pharmaceuticals, Inc., a public company that produces products from aquatic microorganisms. In 1984, he founded Montgomery Medical Ventures Funds, an early stage venture capital firm, and was the managing general partner until July 1993. He then pursued private investment activities from July 1993 until he formed Chardan Ventures in June 2001. Dr. Propper received a B.S. from McGill University and an M.D. from Stanford University. He also spent ten years on the faculty of Harvard medical school as a research fellow and an assistant professor in pediatrics. Dr. Propper is the father of Kerry Propper, our executive vice president.
SEC filings: sec.gov |
