Roth CH Acquisition in a proxy filing asks shareholders to vote for a proposal to liquidate the trust but allow the company to continue operation as a non-SPAC shell and continue to trade OTC. A meeting date to vote on the matter has not yet been published.
Jan. 29, 2023 was the company’s initial liquidation date.
“The company has been unable as a SPAC to consummate an initial business combination as originally described in the Articles of Association and now intends to continue its corporate existence in an effort to ultimately acquire a business or entity,” Roth CH said in the filing. “The company’s board of directors and management has determined that it would be in the best interest of shareholders to approve the amendment to allow holders to continue to retain their shares and participate in a transaction that the company may potentially enter into in the future.”
This move follows a similar decision by Northern Star II, which announced last month it will liquidate its trust, but continue as a corporate entity in search of a deal
Roth CH (formerly TKB Critical Technologies 1) had 7,794,236 Class A shares outstanding and 75,000 Class B shares going into a Dec. 15 shareholder meeting. TKB Critical originally raised $230 million in an October 2021 IPO. The sponsor holdings were sold to Roth CH last June.
