Chardan Capital Markets Research
Advisory Approach
Chardan Capital Markets is a specialized investment bank focused on emerging growth companies in healthcare, digital assets, and disruptive technologies. Unlike traditional lower-middle-market M&A advisors, Chardan operates at the intersection of capital markets and strategic advisory, with particular expertise in Special Purpose Acquisition Companies (SPACs). The firm has been a pioneer in the SPAC space since 2004, and in 2018 pioneered the use of SPACs for biotechnology companies—a capability that has since become an industry-standard pathway for taking private healthcare companies public.
Chardan's thesis is that the best outcomes for innovative companies come from combining deep sector expertise with creative capital markets solutions. They believe that traditional IPO processes are often ill-suited for early-stage or high-growth companies in complex technical fields. Instead, Chardan offers a range of alternatives including SPAC mergers, private investments in public equity (PIPEs), automated teller machine (ATM) offerings, and strategic M&A advisory. Their approach is particularly valuable for companies that require sophisticated investors who understand long development timelines, regulatory complexity, and technical risk profiles.
Sector Focus
Chardan's practice is concentrated in three primary verticals:
Healthcare & Biotechnology: This is Chardan's largest and longest-standing practice. Within healthcare, the firm has specific expertise in genetic medicines, cell therapy, immuno-oncology, microbiome therapeutics, vaccines, and rare diseases. The firm has raised $23 billion for healthcare companies since 2005, with particular strength in biotech SPACs. Chardan's healthcare team includes PhD-level analysts who publish the only dedicated weekly newsletter on genetic medicines. Recent transactions include the Immunovant SPAC merger (autoimmune diseases) and the BiomX merger (microbiome phage therapies).
Digital Assets & Cryptocurrency: Chardan has expanded aggressively into digital assets, advising on strategic crypto-backed financings and bitcoin treasury reserve strategies. The firm acted as sole placement agent on ZOOZ Power's $159 million private placement and $1 billion ATM program related to bitcoin treasury strategies. Chardan also advised on the BitFuFu SPAC merger—a $1.5 billion enterprise value transaction involving a cryptocurrency cloud mining service provider backed by Bitmain.
Disruptive Technology & FinTech: This vertical encompasses financial technology platforms, online trading systems, and technology-enabled services. Chardan acted as M&A advisor on the Neos sale to Sky (smart home technology to Comcast's Sky) and the Quantum FinTech/TradeStation business combination (online multi-asset trading platform). The firm also led the Natural Order Acquisition Corp. SPAC targeting plant-based food and alternative proteins.
Deal Track Record
Chardan has completed 700+ transactions with an aggregate transaction value exceeding $120 billion. The firm has participated in over 180 SPAC-related transactions since inception, raising approximately $15 billion across 124 SPAC IPOs and advising on 46 SPAC business combinations totaling $43.3 billion in transaction value. Chardan has sponsored or co-sponsored 15 SPACs.
Notable recent transactions include:
- ZOOZ Power Ltd.: $159 million private placement and $1 billion ATM program (October 2025)—Chardan acted as sole placement agent for this bitcoin treasury reserve strategy financing
- Healios K.K.: $40 million PIPE financing (January 2026)—Chardan acted as financial advisor
- Sonnet BioTherapeutics merger with Hyperliquid Strategies: $888 million reverse merger and PIPE (December 2025)—Chardan acted as sole placement agent and exclusive financial advisor
- Corvex, Inc. merger with Movano: $305 million reverse merger (November 2025)—Chardan acted as exclusive financial advisor
- Globalink Investment Inc. merger with Alps Group: $1.66 billion SPAC M&A (October 2025)—Chardan acted as M&A and capital markets advisor
- Kodiak Robotics merger with Ares Acquisition Corp. II: $2.50 billion SPAC M&A (September 2025)—Chardan acted as financial advisor and capital markets advisor
- Arisz Acquisition Corp. merger with BitFuFu: $1.5 billion enterprise value SPAC M&A (February 2024)—Chardan acted as exclusive M&A and capital markets advisor
- Health Sciences Acquisitions Corp. merger with Immunovant: Biotech SPAC combining with autoimmune disease-focused company (December 2019)—Chardan acted as lead M&A and capital markets advisor
- Chardan Healthcare Acquisition Corp. merger with BiomX Ltd.: $248 million biotech SPAC merger (October 2019)—Chardan sponsored the SPAC and acted as M&A advisor
- Neos sale to Sky: Smart home technology sale to Comcast's European subsidiary (April 2022)—Chardan acted as M&A and lead financial advisor
- Natural Order Acquisition Corp. IPO: $230 million SPAC IPO targeting plant-based foods (November 2020)—Chardan acted as lead left book-runner
Process & Fee Structure
Chardan's engagement model varies significantly by transaction type. For SPAC IPOs, the firm typically acts as lead left book-runner or co-manager, earning underwriting fees structured as a percentage of IPO proceeds (standard industry practice is 5.5% with potential over-allotment). For SPAC business combinations, Chardan may act as M&A advisor, capital markets advisor, or placement agent for PIPE financings, earning advisory fees, success fees, or underwriting discounts depending on the role.
For private placements and ATM programs, Chardan typically charges placement fees calculated as a percentage of capital raised. The firm's $159 million private placement for ZOOZ Power and associated $1 billion ATM program exemplify this model.
For M&A advisory services, Chardan may work on a retainer-plus-success-fee basis, though specific fee structures are not publicly disclosed. The firm requires exclusivity for most engagements and focuses on transactions where minimum enterprise value exceeds $50 million.
Buyer Network
Chardan's buyer network is fundamentally different from traditional M&A advisors. The firm's strength lies in three categories:
SPAC Sponsors: Chardan has relationships with dozens of SPAC sponsors and has sponsored 15 SPACs internally. This network allows the firm to match private companies with appropriate SPAC vehicles for going-public transactions.
Public Market Investors: Through 124 SPAC IPOs and extensive capital markets work, Chardan has relationships with institutional investors, family offices, venture funds, and healthcare-dedicated funds. Notable investors in Chardan-advised transactions include OrbiMed, RTW Investments, Johnson & Johnson Innovation, Takeda Ventures, and Seventure Partners.
Strategic Acquirers: The firm has relationships with strategic buyers in healthcare, technology, and media. The Neos sale to Sky (Comcast) demonstrates access to corporate strategic acquirers.
Competitive Positioning
Chardan differentiates through:
- SPAC Leadership: 180+ SPAC transactions since 2004; pioneered biotech SPACs in 2018
- Scientific Expertise: Healthcare team includes PhD analysts publishing proprietary research frameworks
- Capital Markets Creativity: Offers SPACs, PIPEs, ATMs, and structured financings rather than traditional IPO-only paths
- Sector Specialization: Deep vertical focus vs. generalist competitors
- Research-Driven: Publishes hundreds of research reports annually; hosts conferences and corporate access events
Not a Fit If
Chardan is not suitable for:
- Traditional lower-middle-market sell-side M&A (businesses under $50M enterprise value)
- Companies outside healthcare, digital assets, or disruptive technology
- Founders seeking limited process or quick-sale scenarios
- Businesses requiring traditional bank financing or debt capital markets
- Purely domestic operational businesses without innovation or growth characteristics
Team
Chardan's leadership includes:
- Steven Urbach, Co-Founder and CEO
- Jonas Grossman, President
- Kerry Propper, Co-Founder and Executive Chairman
- George Kaufman, Partner and Head of Investment Banking
- Alex Weil, Managing Director and Co-Head of FinTech Investment Banking
- Matt Mrozinski, Partner and Head of Strategic Advisory
The firm employs approximately 180 professionals across investment banking, research, institutional equities, and operations. Key senior bankers average 18+ years of experience. The healthcare practice includes professionals with PhDs and MDs, enabling technical due diligence capabilities that generalist firms cannot match.
Geographic Coverage
Headquartered in New York City at One Pennsylvania Plaza, Chardan operates globally with particular strength in U.S. markets and cross-border transactions involving Israeli biotech companies (as evidenced by BiomX and Immunovant transactions). The firm's SPAC practice has international reach, having advised on transactions involving companies in Israel, Europe, and Asia.