Tigo energy, a provider of intelligent solar and energy storage solutions, said it has signed a definitive agreement with L1 Energy for the purchase of $50 million of newly issued convertible notes to support growth opportunities and debt repayment. The transaction closed concurrently with signing.
Tigo and Roth CH Acquisition IV last month announced a business combination agreement at a pre-money equity value of $600 million. If approved, Tigo is expected to list on the nasdaq under the ticker symbol TYGO.
Assuming no redemptions, gross proceeds of approximately $117 million will be released from the SPAC's trust account when the deal closes.
The transaction is expected to close in the second quarter of 2023. Read more.
Source: Roth CH Acquisition IV Target Tigo Energy Raises M