Strangely, 5,100 shares were redeemed at an estimated rate of $10.01 per share in connection with the vote. This is a negligible amount in terms of completing the deal, but is a surprise in that Roth CH I opened at $26.25 ahead of the vote and these investors could have more than doubled their money with a short wait.
The transaction is now likely to be completed in the coming days with the combined entity expected to trade on the Nasdaq under the symbol “PCT” thereafter.
Roth CH I initially announced its $826 million combination with PureCycle on November 16. Ohio-based PureCycle recycles polypropylene plastic into resin chips for making new plastic products that is more cost-efficient and environmentally sustainable than producing new polypropylene.
For a full list of measures on the ballot and vote tallies, click HERE.
- Roth Capital Partners, Craig-Hallum Capital Group and Oppenheimer & Co. Inc. are acting as placement agents for the PIPE transaction.
- Perella Weinberg Partners and Oppenheimer & Co. Inc. are acting as financial advisors to PureCycle.
- Jones Day is acting as legal advisor to PureCycle.
- Loeb & Loeb is acting as legal advisor to Roth CH.