Roth CH Acquisition V said it entered into an agreement with IDR Marketing for strategic media, marketing, communications and data analytics services in connection with the SPAC’s proposed business combination with New Era Helium.
The parties announced the deal in January at a pre-money valuation of $90 million. New Era Helium is an exploration and production company that sources helium produced in association with the production of natural gas reserves in North America.
Terms call for the issuance of 9 million shares to New Era Helium, plus 1 million earnout shares in two equal tranches if certain financial milestones are reached.
If the deal is approved, upon closing New Era Helium is expected to list on the Nasdaq.
Roth CH V raised nearly $117 million in a December 2021 IPO. The SPAC said it had reviewed more than 50 potential targets before reaching an agreement with New Era Helium.
Roth Capital Partners and Craig-Hallum Capital Group are placement agents for a PIPE transaction that is anticipated to close in connection with the merger. Read more.
