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Roth Capital's second SPAC Roth CH Acquisition II prices $100 million IPO at $10

December 11, 2020

Roth CH Acquisition II, the second blank check company formed by executives at Roth Capital and Craig-Hallum, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company originally planned to offer units containing three-quarters of a warrant, but revised the terms earlier this month.

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; +47% 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 plans to list on the Nasdaq under the symbol ROCCU. Roth Capital and Craig-Hallum Capital Group acted as lead managers on the deal.