PureCycle Technologies to combine with Roth CH Acquisition I Co.
Clients PureCycle Technologies LLC
Jones Day is advising PureCycle Technologies LLC ("PureCycle") in its business combination with Roth CH Acquisition I Co. ("Roth SPAC"), a publicly-traded special purpose acquisition corporation backed by Roth Capital Partners and Craig-Hallum Capital Group, and Roth CH Acquisition I Co. Parent Corp., a wholly owned subsidiary of Roth CH ("Holdings"), among others. Upon the closing, through a series of mergers, Roth SPAC and PureCycle will become wholly-owned subsidiaries of Holdings, which will be listed on the Nasdaq Capital Market under a new ticker symbol “PCT". PureCycle equityholders will be entitled to receive shares of Common Stock in Holdings valued at approximately $835 million. In connection with the merger agreement, Roth SPAC also entered into subscription agreements for a $250 million Common Stock PIPE transaction. The proposed business combination transaction would result in PureCycle being a public company with an estimated post-transaction equity value of approximately $1.2 billion.