Roth CH Acquisition II in an 8-K filing said shareholders voted in favor of the SPAC’s merger with indie music company Reservoir. All other proposals relagted to the deal were also approved.
Upon closing the combined company is expected to remain listed on the Nasdaq with common stock and warrants trading under RSVR and RSVRW.
Reservoir is the first independent music label to go public. Founded as a family-owned music publisher in 2007, the company has grown to represent over 130,000 copyrights and 36,000 master recordings, according to the company website.
Existing Reservoir owners are expected to roll 100 percent of their equity into the combined enterprise.
Announced in April, institutional investors, including funds managed by Caledonia, will participate in a common stock PIPE of $150 million at $10 per share. Following the transaction and after expenses, Reservoir is expected to receive approximately $246 million. Read more.
