Roth CH Acquisition V in an 8-K said shareholders voted in favor of extending the SPAC's deadline from June 3 up to Dec. 4 in monthly increments.
Nearly 9 million shares were redeemed ahead of the vote. The SPAC sold 10 million shares in its December 2021 IPO.
Roth earlier this month signed a non-redemption agreement with certain investors who agreed to hold onto approximately 1.3 million shares through the extension vote. 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 Wins Extra 6 Months, Though Redemptions Hit Hard