|
Delaware
(State or other jurisdiction of incorporation or organization) |
| |
5093
(Primary standard industrial classification code number) |
| |
83-3584792
(I.R.S. Employer
Identification Number) |
|
|
Mitchell S. Nussbaum, Esq.
Norwood P. Beveridge, Esq. Loeb & Loeb LLP 345 Park Avenue New York, New York 10154 Tel: (212) 407-4159 |
| |
Joel T. May, Esq.
Patrick S. Baldwin, Esq. Jones Day 1420 Peachtree Street, N.E., Suite 800 Atlanta, Georgia 30309 Tel: (404) 581-8967 |
|
| | ||||||||||||||||
Title of Each Class of
Security Being Registered |
| | |
Amount Being
Registered |
| | |
Proposed Maximum
Offering Price Per Security |
| | |
Proposed Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee |
|
Shares of Common Stock, $.001 par value
|
| | |
9,828,000(1)
|
| | |
$10.075
|
| | |
$99,017,100(2)
|
| | |
$10,802.77
|
|
Shares of Common Stock, $.001 par value
|
| | |
87,500,000(3)
|
| | |
$0.078
|
| | |
$6,834,570(4)
|
| | |
$745.65
|
|
Warrants to purchase Common Stock
|
| | |
5,936,625(5)(7)
|
| | |
—
|
| | |
—
|
| | |
—
|
|
Shares of Common Stock, $.001 par value, underlying Warrants
|
| | |
5,936,625
|
| | |
$11.50(6)
|
| | |
$68,271,187.50
|
| | |
$7,448.39
|
|
Units, each consisting of one share of common stock, $.001 par value and three quarters of one warrant
|
| | |
9,828,000(1)(5)(7)
|
| | |
—
|
| | |
—
|
| | |
—
|
|
Total
|
| | | | | | | | | | | | | | |
$18,996.81
|
|
| | | |
Byron Roth
Chairman of the Board of Directors of Roth CH Acquisition I Co. |
|
| | | | By Order of the Board of Directors, | |
| | | |
Byron Roth
Chairman of the Board and Chief Executive Officer |
|
| | |
Page
|
| |||
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Q:
|
Are there risks associated with the Business Combination that I should consider in deciding how to vote? |
| | |
Nine Months
Ended September 30, 2020 |
| |
For the
Period from February 13, 2019 (inception) through December 31, 2019 |
| ||||||
Formation and operating costs
|
| | | $ | 246,843 | | | | | | 1,594 | | |
Loss from operations
|
| | | | (246,843) | | | | | | — | | |
Other income:
|
| | | | | | | | | | — | | |
Interest income
|
| | | | 23,547 | | | | | | — | | |
Net loss
|
| | | | (224,032) | | | | | | (1,594) | | |
Weighted average shares outstanding – basic and diluted
|
| | | | 2,409,765 | | | | | | 1,875,000 | | |
Basic and diluted net loss per common share
|
| | | $ | (0.09) | | | | | | (0.00) | | |
Balance Sheet Data:
|
| |
As of
September 30, 2020 |
| |
As of
December 31, 2019 |
| ||||||
Trust Account
|
| | | $ | 76,522,615 | | | | | $ | — | | |
Total assets
|
| | | | 77,078,250 | | | | | | 280,908 | | |
Total liabilities
|
| | | | 2,802,189 | | | | | | 257,502 | | |
Common stock subject to possible redemption
|
| | | | 69,276,060 | | | | | | — | | |
Stockholders’ equity
|
| | | | 5,000,001 | | | | | | 280,908 | | |
| | |
Nine Months
Ended September 30, |
| |
For the Years
Ended December 31 |
| ||||||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||
Statement of Operations Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Costs and Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating Costs
|
| | | $ | 7,040 | | | | | $ | 4,901 | | | | | $ | 5,966 | | | | | $ | 1,222 | | |
Research and Development
|
| | | | 528 | | | | | | 509 | | | | | | 526 | | | | | | 786 | | |
Selling, General and Administrative
|
| | | | 6,293 | | | | | | 10,082 | | | | | | 11,478 | | | | | | 2,097 | | |
Total Operating Costs and Expenses
|
| | | | 13,861 | | | | | | 15,492 | | | | | | 17,970 | | | | | | 4,105 | | |
Interest Expense
|
| | | | 1,827 | | | | | | 400 | | | | | | 1,012 | | | | | | — | | |
Other (Income) Expense, net
|
| | | | (100) | | | | | | 330 | | | | | | 330 | | | | | | — | | |
Net Loss
|
| | | $ | (15,588) | | | | | $ | (16,222) | | | | | $ | (19,312) | | | | | $ | (4,105) | | |
Net Loss per Unit(1)
|
| | | $ | (7.91) | | | | | $ | (7.03) | | | | | $ | (8.42) | | | | | $ | (1.86) | | |
| | |
As of September 30,
|
| |
As of December 31,
|
| ||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Balance Sheet Data | | | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents
|
| | | $ | 108 | | | | | $ | 150 | | | | | $ | 101 | | |
Working Capital(2)
|
| | | | (15,742) | | | | | | (7,622) | | | | | | (4,226) | | |
Total Assets
|
| | | | 37,954 | | | | | | 33,281 | | | | | | 25,738 | | |
Total Liabilities
|
| | | | 31,119 | | | | | | 30,901 | | | | | | 19,544 | | |
Total Members’ Equity
|
| | | | 6,835 | | | | | | 2,380 | | | | | | 6,194 | | |
| | |
Pro Forma
Combined (Assuming No Redemption) |
| |
Pro Forma
Combined (Assuming Maximum Redemption) |
| ||||||
Summary Unaudited Pro Forma Condensed Combined Statement of Operations Data
|
| | | | | | | | | | | | |
Nine Months Ended September 30, 2020 (in thousands except share and per share data)
|
| | | | | | | | | | | | |
Revenue
|
| | | $ | — | | | | | $ | — | | |
Net loss per share – basic and diluted
|
| | | $ | (0.11) | | | | | $ | (0.11) | | |
Weighted-average common shares outstanding – basic and diluted
|
| | | | 118,328,000 | | | | | | 111,400,394 | | |
| | |
Pro Forma
Combined (Assuming No Redemption) |
| |
Pro Forma
Combined (Assuming Maximum Redemption) |
| ||||||
Summary Unaudited Pro Forma Condensed Combined Statement of Operations Data
|
| | | | | | | | | | | | |
Year Ended December 31, 2019 (in thousands except share and per share data)
|
| | | | | | | | | | | | |
Revenue
|
| | | $ | — | | | | | $ | — | | |
Net loss per share – basic and diluted
|
| | | $ | (0.14) | | | | | $ | (0.15) | | |
Weighted-average common shares outstanding – basic and diluted
|
| | | | 118,328,000 | | | | | | 111,400,394 | | |
| | |
Pro Forma
Combined (Assuming No Redemption) |
| |
Pro Forma
Combined (Assuming Maximum Redemption) |
| ||||||
Summary Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Balance Sheet Data as of September 30, 2020 (in thousands) | | | | | | | | | | | | | |
Total assets
|
| | | $ | 724,516 | | | | | $ | 655,240 | | |
Total liabilities
|
| | | $ | 311,851 | | | | | $ | 311,851 | | |
Total stockholders’ equity
|
| | | $ | 412,665 | | | | | $ | 343,389 | | |
| | | | | | | | | | | | | | |
Combined Pro Forma
|
| |
PureCycle Equivalent
Per Share Pro Forma(3) |
| ||||||||||||||||||
| | |
PCT
(Historical) |
| |
ROCH
(Historical) |
| |
Pro Forma
Combined (Assuming No Redemption) |
| |
Pro Forma
Combined (Assuming Maximum Redemption) |
| |
Pro Forma
Combined (Assuming No Redemption) |
| |
Pro Forma
Combined (Assuming Maximum Redemption) |
| ||||||||||||||||||
As of and for the nine months ended September 30, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Book Value per share(1)
|
| | | $ | 2.65 | | | | | $ | 2.07 | | | | | $ | 3.49 | | | | | $ | 3.08 | | | | | $ | 37.69 | | | | | $ | 33.27 | | |
Weighted average shares outstanding of common stock – basic and diluted
|
| | | | 2,581,282 | | | | | | 2,409,765 | | | | | | 118,328,000 | | | | | | 111,400,394 | | | | | | 27,879,167 | | | | | | 27,879,163 | | |
Net income per share of Class A common stock – basic and diluted
|
| | | $ | (7.91) | | | | | $ | (0.09) | | | | | $ | (0.11) | | | | | $ | (0.11) | | | | | $ | (1.14) | | | | | $ | (1.21) | | |
As of and for the Year ended December 31, 2019
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Book Value per share(1)
|
| | | $ | 0.92 | | | | | $ | 0.01 | | | | | $ | N/A(2) | | | | | $ | N/A(2) | | | | | $ | N/A(2) | | | | | $ | N/A(2) | | |
Weighted average shares outstanding of common stock – basic and diluted
|
| | | | 2,581,282 | | | | | | 1,875,000 | | | | | | 118,328,000 | | | | | | 111,400,394 | | | | | | 27,879,167 | | | | | | 27,879,167 | | |
Net income per share of Class A common stock – basic and diluted
|
| | | $ | (8.42) | | | | | $ | — | | | | | $ | (0.14) | | | | | $ | (0.15) | | | | | $ | (1.52) | | | | | $ | (1.61) | | |
(i)
|
(a)
|
hold Public Shares, or |