QualTek Services completed its business combination with Roth CH Acquisition III. The transaction was approved at the SPAc’s stockholder meeting yesterday.
No word on redemptions, if any, although the SPAC traded under its $10 trust value up through its Feb. 10 redemption deadline. A review of Nasdaq data shows the SPAC did not reach $10 from the day the deal was announced.
As announced last June, the transaction would be funded by a combination of Roth CH III’s cash held in trust (less any redemptions), an effective full equity roll-over from existing QualTek ownership, and $66 million in proceeds from a common stock PIPE at $10 per share. In addition, certain institutional investors made a $44 million private placement investment into QualTek at the time the deal was announced. The SPAc had raised $100 million in a March 2021 IPO.
QualTek provides infrastructure services to the 5G wireless, telecom, and renewable energy sectors. Read more.
