Roth CH Acquisition V Co. (NASDAQ:ROCL), a company engaged in the crude petroleum and natural gas sector with a current market capitalization of $55.69 million, announced the approval of a series of proposals by its shareholders, including a significant business combination with New Era Helium Corp.
According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with technical indicators suggesting overbought conditions. The special meeting of stockholders, held on Monday, resulted in the approval of the merger that is expected to close shortly after the receipt of approval to list the combined entity on the Nasdaq.
The business combination proposal received an affirmative vote from approximately 99% of the shares represented at the meeting. Additionally, shareholders approved the Redomestication Merger Proposal, which involves the company's merger into its wholly-owned Nevada subsidiary, Roth CH V Holdings Inc., with the latter surviving as a Nevada corporation.
The company maintains a strong liquidity position with a current ratio of 4.04, indicating substantial coverage of short-term obligations. InvestingPro subscribers can access 7 additional key insights about ROCL's financial position and market performance.
The Charter Amendment Proposal, which includes the adoption of the proposed articles of incorporation for the combined company, was also approved by approximately 75.04% of the outstanding shares. This approval is a step toward the company's transition into a Nevada corporation.
The Governance Proposals, which included a name change and increases in authorized common and preferred shares, were approved by approximately 99% of the represented shares. The Nasdaq Proposal, crucial for complying with Nasdaq Listing Rules regarding the issuance of more than 20% of the issued and outstanding shares of Holdings common stock, was similarly endorsed.
In addition, the Directors Election Proposal was confirmed, with the election of E. Will Gray as Chairman and the inclusion of Phil Kornbluth, William H. Flores, Charles Nelson, and Stan Boroweic as Independent (LON:IOG) Directors of the Combined Company Board of Directors. The Management Equity Incentive Plan Proposal was also approved, paving the way for the implementation of the incentive plan annexed to the proxy statement/prospectus.
The meeting, which took place via live webcast, saw a quorum with 75.80% of the total outstanding shares present in person or represented by proxy. The company, headquartered in Newport Beach, California, and incorporated in Delaware, is now set to finalize the business combination, marking a significant milestone in its corporate development. While the stock has shown resilience with a 6.79% return over the past year, InvestingPro data reveals that the company is not yet profitable, with a negative earnings per share of $0.85 in the last twelve months.
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