Roth CH Acquisition IV (ROCG) Shareholders Approve Tigo Deal
Roth CH Acquisition IV (NASDAQ:ROCG) announced in an 8-K this afternoon that its shareholders approved its combination with renewable energy equipment-maker Tigo at a special meeting held on May 18.
At the meeting, holders of an aggregate of 4,814,516 shares of common stock were present, constituting a quorum for the transaction. The business combination was overwhelmingly approved by shareholders as holders of 4,809,768 shares voted in favor of the proposal and only 4,747 shares voted against it.
In connection with the vote to approve the deal, 1,945,251 shares of common stock of ROCG were tendered for redemption. But, the SPAC already saw 9,121,751 shares redeemed during an extension meeting in December 2022, bringing ROCG’s total redemption amount to 11,067,002 shares. Roth CH IV initially raised $116.7 million in gross proceeds during its IPO in August 2021, but is now left with $4.48 million after 96.23% of its trust was removed through redemptions.
Nonetheless, the parties expect to close the deal tomorrow, May 23. Following the completion of the transaction, ROCG intends to change its name to Tigo Energy, Inc. with its common stock and warrants expected to begin trading on the Nasdaq under the symbols “TYGO” and “TYGOW,” respectively, on May 24.
Roth CH Acquisition IV announced the $600 million combination with Tigo in December 2022. Campbell, California-based Tigo manufacturers components that optimize and enhance safety for solar panel arrays, with installations on seven continents