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Roth CH Acquisition V Co. (NASDAQ:ROCL), a company specializing in crude petroleum and natural gas, has been granted an additional period to comply with Nasdaq's minimum shareholder requirement. The extension, granted by a Nasdaq Hearings Panel, allows the company until November 11, 2024, to meet the 400 Total Holders rule for continued listing.
The Nasdaq Stock Market had previously notified Roth CH Acquisition V Co. on October 9, 2023, of its non-compliance with the 400 Total Holders requirement. Following a review and the company's submission of updated shareholder information, Nasdaq provided an extension to regain compliance. However, Roth CH Acquisition V Co. was unable to meet the requirement within the given timeframe, leading to a notification from Nasdaq on May 13, 2024.
Subsequently, the company requested a hearing before the Nasdaq Hearings Panel, which took place on June 27, 2024. The favorable decision to grant an extension was communicated to Roth CH Acquisition V Co. on July 3, 2024.
The company anticipates that it will demonstrate compliance with the Nasdaq rule as part of its upcoming business combination with New Era Helium Corporation. Despite this expectation, Roth CH Acquisition V Co. acknowledges that there is no guarantee of achieving compliance within the new deadline.
This latest development is crucial for Roth CH Acquisition V Co. as it works towards fulfilling Nasdaq's requirements for continued listing on the exchange. The information for this article is based on a press release statement.
In other recent news, Roth CH Acquisition V Co. has announced an extension to the merger agreement date with New Era Helium Corp. The amendment, which modifies the structure and conditions of the deal, details a two-step acquisition process.
Initially, Roth CH Acquisition V will merge with a newly formed entity, Roth CH V Holdings, Inc. Subsequently, New Era Helium will merge into this entity, surviving as a wholly owned subsidiary.
The revised terms eliminate the need for New Era Helium to secure at least $45 million in private placement funding for new plant construction and remove the condition for certain company indebtedness to be converted into common stock.
The companies have yet to disclose the financial terms of the amended agreement, but it is subject to customary closing conditions, including approval by Roth CH Acquisition V's shareholders. These are recent developments that continue to shape the landscape of the helium market.
InvestingPro Insights
As Roth CH Acquisition V Co. (NASDAQ:ROCL) navigates the challenges of meeting Nasdaq's listing requirements, it is important for investors to consider the company's financial health and market performance. According to InvestingPro data, the company has a market capitalization of $53.82 million and is not profitable over the last twelve months, with a negative operating income of $1.85 million. Furthermore, the stock has experienced a 1-year price total return of 5.96%, reflecting some positive movement in its valuation.
InvestingPro Tips highlight that while Roth CH Acquisition V Co. has liquid assets that exceed its short-term obligations, it suffers from weak gross profit margins and does not pay a dividend to shareholders. Additionally, the stock price often moves in the opposite direction of the market, which could be a consideration for investors looking for counter-cyclical assets or those with specific portfolio diversification goals.
For those interested in a deeper analysis, there are additional InvestingPro Tips available at: https://www.investing.com/pro/ROCL. Readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes comprehensive metrics and insights to aid in investment decisions. With the upcoming business combination with New Era Helium Corporation, these insights could be particularly valuable for investors monitoring Roth CH Acquisition V Co.'s efforts to comply with Nasdaq's listing requirements.
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