Roth CH Acquisition II, the second blank check company formed by executives at Roth Capital and Craig-Hallum, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The Newport Beach, CA-based company plans to raise $100 million by offering 10 million units $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50. At the proposed deal size, Roth CH Acquisition II would command a market value of $128 million.
The company is led by Chairman and CEO Byron Roth, the founder and CEO of Roth Capital Partners, and his brother, CFO Gordon Roth, the CFO and COO of Roth Capital. Other executives include Co-President Rick Hartfiel, who serves as Managing Partner and Head of Investment Banking at Craig-Hallum Capital, Co-President Aaron Gurewitz, the Managing Director of Roth Capital's ECM department, and COO and Director John Lipman, a Partner and Managing Director at Craig-Hallum. Roth CH Acquisition II plans to target the business services, consumer, healthcare, technology, wellness or sustainability sectors, specifically companies with enterprise values between $250 million and $1 billion.
The group's previous SPAC, Roth CH Acquisition (ROCH; +4% from $10 offer price), went public in May 2020 and recently announced a merger agreement with polypropylene recycling company PureCycle Technologies.
Roth CH Acquisition II was founded in 2019 and plans to list on the Nasdaq under the symbol ROCCU. The SPAC filed confidentially on September 11, 2020. Roth Capital and Craig-Hallum Capital Group are the joint bookrunners on the deal.
