Roth CH IV (NASDAQ:ROCG) announced in an 8-K filing this morning that it has signed a letter-of-intent (LOI) with a target company, but revealed no additional information about it.
The move is somewhat unusual in that Roth CH IV has plenty of time before its February 8, 2023 transaction deadline so it does not need to tease investors ahead of an extension. But, Roth CH II made a similar move in 2021, disclosing a non-binding LOI with plenty of time left and then announced a definitive agreement with Reservoir Holdings two months later.
In general, LOIs often do not result in deals even when announced publicly and so SPACs remain in SPACInsider‘s “Searching” column until there is word of a definitive agreement. Of the five LOIs that SPACs have publicly announced over the past 12 months, two have been terminated, one reached a definitive agreement and two remain pending.
Without more information to chew on, the market appears to have not reacted to the filing with Roth CH IV sitting still at $9.93 in morning trading as investors wait to hear more.
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