Roth CH Acquisition on Dec. 15 convened a shareholders to vote on a proposal that would have reduced the SPAC’s monthly cash contribution to the trust for continued deadline extensions, but adjourned to Dec. 19 without taking any action.
Roth CH had wanted to reduce the required deposit for its remaining extensions from $60,000 per month to the lesser of 2 cents a share or $30,000 per month — and needed shareholder approval to do so.
According to an 8-K, on Dec. 19 at the reconvened meeting, the chairman announced that, after reviewing the number of shares that had been submitted for redemption, the board had decided not to proceed with the proposals and the meeting was concluded.
Shares that had been submitted for redemption will be returned and remain outstanding. The provisions in the SPAC’s governing documents which provide that it may extend its merger deadline on a monthly basis to Oct. 29, 2024 remains in effect, provided that a $60,000 deposit is made into trust for each month. To date, the deadline has been extended to Dec. 29, 2023, the SPAC said.
Roth CH (formerly TKB Critical Technologies 1) had 7,794,236 Class A shares outstanding and 75,000 Class B shares going into the Dec. 15 meeting. TKB Critical originally raised $230 million in an October 2021 IPO. The sponsor Holdings were sold to Roth CH in June. Read more.
