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SPAC Roth CH Acquisition III raises deal size by 50% ahead of $150 million IPO

February 11, 2021

Roth CH Acquisition III, the third blank check company formed by executives at Roth Capital and Craig-Hallum, raised the proposed deal size for its upcoming IPO on Thursday.

The Newport Beach, CA-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 10 million units at the same price. Each unit now consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Each unit previously contained one-half of a warrant. At the revised deal size, Roth CH Acquisition III will raise 50% more 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 $250 million and $1 billion.

The group's previous SPACs include Roth CH Acquisition II (ROCCU; +20% from $10 offer price), which went public in December 2020, and Roth CH Acquisition (ROCH; +153%), which went public in May 2020 and is pending a combination 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.