Roth CH Acquisition V in an 8-K said it cut a deal with certain investors who've agreed to hold onto approximately 1.3 million shares through the SPAC's May 17 extension vote. The SPAc wants to move its deadline from June 3 up to Dec. 4 in monthly increments.
In return, the non-redeeming investors will receive 4 cents a share for each one-month extension, assuming the proposal is approved.
Roth CH V late last month signed a letter of intent for a potential merger with LiveOne's Slacker Radio at a pre-money valuation of $160 million, subject to completion of diligence and definitive documentation.
Slacker Radio is a membership music streaming service that was launched in 2007 and is known for its personalized radio stations. Read more.
Source: Roth CH Acquisition V Secures Non-Redemption Agreement Ahead of Extension Vote