Roth CH Acquisition III, the third blank check company formed by executives at Roth Capital and Craig-Hallum, lowered the proposed deal size for its upcoming IPO on Friday.
The Newport Beach, CA-based company now plans to raise $100 million by offering 10 million units at $10. The company had most recently filed to offer 15 million units at the same price, which was increased from the original offering of 10 million units. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the revised deal size, Roth CH Acquisition III will raise -33% less in proceeds than previously anticipated.
The company is led by Chairman and Co-CEO Byron Roth, the founder and CEO of Roth Capital Partners; Co-CEO and Director John Lipman, a Partner and Managing Director at Craig-Hallum; and 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, and Co-President Aaron Gurewitz, a Managing Director and Head of ECM at Roth. Roth CH Acquisition III plans to target the business services, consumer, healthcare, technology, wellness or sustainability sectors, specifically companies with enterprise values between $400 million and $1 billion.
The group's previous SPACs include Roth CH Acquisition II (ROCCU; +13% from $10 offer price), which went public in December 2020, and Roth CH Acquisition (ROCH; +137%), which went public in May 2020 and has a pending merger agreement with polypropylene recycling company PureCycle Technologies.
Roth CH Acquisition III was founded in 2019 and plans to list on the Nasdaq under the symbol ROCRU. Roth Capital and Craig-Hallum Capital Group are the joint bookrunners on the deal.
