Module level power electronics (MLPE) company in the US, Tigo Energy plans to go public and is seeking a listing on the NASDAQ under a definitive agreement and $600 million merger with Roth CH Acquisition IV (ROCG), a blank cheque special purpose acquisition company (SPAC), managed by affiliates of Roth Capital Partners and Craig-Hallum Capital Group.
Under this transaction, ROCG will issue 60 million new shares to existing shareholders of Tigo, and roll 100% of their equity into the company. These shareholders will retain close to 82% of the company ownership into the listed firm.
Once the transaction is closed in Q2/2023 and Tigo listed as TYGO, gross proceeds of approximately $117 million will be released to the company from the trust account in connection with the transaction, provided no ROCG stockholders exercise their redemption rights. Upon listing, Tigo will continue to be led by current CEO and Chairman Zvi Alon along with the current management team.
Catering to the commercial, industrial and utility scale solar market segments with its advanced power electronics since 2007, Tigo sees substantial long-term demand prospects for solar and energy storage solutions across all segments, including residential markets. It claims to also have bookings growth with strong backlog going into 2023.
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