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.
Considerations for Creating Shareholder Value in a Volatile Market Join us for a virtual panel on December 14, 2022 The current trends of rising interest rates and inflationary cost increases, among other things, have imposed downward pressures on publicly traded equity prices, especially for businesses that became publicly traded via a de-SPAC merger. Please...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...
PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...
Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....