Roth CH IV (NASDAQ:ROCG) announced in an 8-K this morning that its letter of intent (LOI) to combine with a target company is no longer exclusive.
The SPAC noted that negotiations for the deal remain ongoing, but both parties may seek out other transactions. Roth CH IV’s initial announcement on June 15 revealed no detail about the company in question, so this does seem a situation of “so long, we hardly knew ya.'” But, of course, this deal could still be negotiated into a definitive agreement.
Announcing LOIs has become somewhat more common in recent months, perhaps because some SPACs are looking at shorter deadlines and want to keep investors engaged ahead of any upcoming extension votes. Six SPACs announced LOIs with targets since Roth CH IV did so in June, but only one of these has announced a definitive agreement since – East Resources (NASDAQ:ERES) and its combination with Abacus Life.
Two of these SPACs – Alpha Star (NASDAQ:ALSA) and Chavant (NASDAQ:CLAY) – have extended their transaction deadlines in the interim.
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