Roth CH Acquisition I and PureCycle Technologies Announce Closing of Business Combination
March 17 2021 - 4:25PM
Roth CH Acquisition I Co. (NASDAQ: ROCH, ROCHU, ROCHW) (“Roth CH”)
and PureCycle Technologies LLC jointly announced today that they
have closed their previously announced business combination.
The business combination was approved by Roth CH’s stockholders
at a special meeting held on March 16, 2021. Upon completion of the
business combination on March 17, 2021, the combined company
changed its name to PureCycle Technologies, Inc. (“PureCycle”).
PureCycle’s common stock is expected to begin trading on the Nasdaq
Stock Market under the ticker symbol “PCT” commencing March 18,
2021. PureCycle’s units and warrants are also expected to begin
trading on the Nasdaq Stock Market under the ticker symbols “PCTTU”
and “PCTTW”, respectively.
About PureCycle TechnologiesPureCycle
Technologies, Inc. holds a global license to commercialize the only
patented solvent-based purification recycling technology, developed
by The Procter & Gamble Company (“P&G”), for restoring
waste polypropylene (“PP”) into virgin-like resin. The proprietary
process removes color, odor, and other contaminants from recycled
feedstock resulting in virgin-like polypropylene suitable for any
PP market. To learn more, visit www.purecycletech.com.
About Roth CH Acquisition I Co. Roth CH
Acquisition I Co. was organized as a blank check company
incorporated for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. Roth CH was
jointly managed by Roth Capital Partners and Craig-Hallum Capital
Group. Its initial public offering occurred on May 4, 2020 raising
approximately $76.5 million. For more information, visit
www.rothch.com.
Forward Looking StatementsCertain statements
made in this release are "forward looking statements" within the
meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995, including
statements about the anticipated benefits of the business
combination, and the financial condition, results of operations,
earnings outlook and prospects of Roth CH and/or PureCycle and may
include statements for the period following the consummation of the
business combination. When used in this press release, the words
“plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions (or the negative versions of
such words or expressions) are intended to identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. The forward-looking statements
are based on the current expectations of the management of Roth CH
and PureCycle as applicable and are inherently subject to
uncertainties and changes in circumstances and their potential
effects and speak only as of the date of such statement. There can
be no assurance that future developments will be those that have
been anticipated. These forward-looking statements involve a number
of risks, uncertainties or other assumptions that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those
discussed and identified in the public filings made or to be made
with the SEC by PureCycle, including the proxy statement/prospectus
filed on February 12, 2021 regarding Roth CH’s special meeting of
stockholders relating to the following: expectations regarding
PureCycle’s strategies and future financial performance, including
its future business plans, expansion plans or objectives,
prospective performance and opportunities and competitors,
revenues, products and services, pricing, operating expenses,
market trends, liquidity, cash flows and uses of cash, capital
expenditures, and PureCycle’s ability to invest in growth
initiatives; PureCycle’s ability to scale and build the Ironton
plant in a timely and cost-effective manner; the implementation,
market acceptance and success of PureCycle’s business model and
growth strategy; the success or profitability of PureCycle’s
offtake arrangements; PureCycle’s future capital requirements and
sources and uses of cash; PureCycle’s ability to obtain funding for
its operations and future growth; developments and projections
relating to PureCycle’s competitors and industry; the ability to
recognize the anticipated benefits of the business combination;
geopolitical risk and changes in applicable laws or regulations;
the possibility that Roth CH and/or PureCycle may be adversely
affected by other economic, business, and/or competitive factors;
operational risk; risk that the COVID-19 pandemic, and local,
state, and federal responses to addressing the pandemic may have an
adverse effect on Roth CH’s or PureCycle’s business operations, as
well as Roth CH’s or PureCycle’s financial condition and results of
operations. Should one or more of these risks or uncertainties
materialize or should any of the assumptions made by the management
of Roth CH and PureCycle prove incorrect, actual results may vary
in material respects from those projected in these forward-looking
statements. Neither Roth CH nor PureCycle undertakes any obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Contact Information
Roth CHJohn Lipman, COOCraig-Hallum Capital
GroupJohn.lipman@craig-hallum.com
IR Contact:Cody Slach, Senior Managing
DirectorGateway Investor Relations(949)
574-3860ROCH@GatewayIR.com
PureCycle Technologies, LLC Amy Jo
ClarkDirector, Corporate Communicationsaclark@purecycletech.com
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