Roth CH Acquisition V Wins Extra 6 Months, Though Redemptions Hit Hard

Roth CH Acquisition V in an 8-K said shareholders voted in favor of extending the SPAC’s deadline from June 3 up to Dec. 4 in monthly increments.

Nearly 9 million shares were redeemed ahead of the vote. The SPAC sold 10 million shares in its December 2021 IPO.

Roth earlier this month signed a non-redemption agreement with certain investors who agreed to hold onto approximately 1.3 million shares through the extension vote. In return, the non-redeeming investors will receive 4 cents a share for each one-month extension, assuming the proposal is approved.

Roth CH V late last month signed a letter of intent for a potential merger with LiveOne’s Slacker Radio at a pre-money valuation of $160 million, subject to completion of diligence and definitive documentation.

Slacker Radio is a membership music streaming service that was launched in 2007 and is known for its personalized radio stations. Read more.

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Formerly Mercury Ecommerce Acquisition, which raised $170 million in a July 2021 IPO, the SPAC was renamed in January. Ahead of the SPAC's last extension vote, about 16.7 million shares were redeemed out of slightly more than 18 million shares outstanding.