ORLANDO, Fla., March 18, 2021 /PRNewswire/ -- PureCycle
Technologies, Inc. (NASDAQ: PCT) announced that it has
completed its previously announced business combination with Roth
CH Acquisition I Co. (NASDAQ: ROCH) ("Roth CH"). 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, the combined company
changed its name to PureCycle Technologies, Inc., (dba "PureCycle")
and its common stock, is expected to begin trading on the Nasdaq
Stock Market under the ticker symbol "PCT" commencing March 18, 2021. The Company's units and warrants
will trade under the symbols "PCTTU" and "PCTTW," respectively.
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"The consummation of this transaction represents yet another
major milestone for PureCycle, demonstrating broad market
validation of our value proposition," said PureCycle Chairman and
CEO Mike Otworth. "Most importantly,
we now have the increased capital market access to support the
accelerated scaling required to revolutionize the transformation of
waste polypropylene into sustainable products."
Purecycle, an Innventure company, uses proprietary
technology licensed from Procter & Gamble to recycle waste
polypropylene (PP) into virgin-like recycled PP for myriad
applications. The company is the intersection of an enabling
technology meeting a compelling global need: only approximately 1%
of the 170 billion pounds of polypropylene consumed last year was
recycled as compared to almost 20% for polyethylene terephthalate
(PET), according to the American Chemistry Council.
"We are incredibly excited to complete our business
combination with PureCycle," said Byron
Roth, chairman and CEO of Roth CH. "PureCycle's
revolutionary and proprietary technology to recycle waste
polypropylene into virgin-like resin is not only transformative,
but also beneficial to our planet. We are confident that
PureCycle has the resources to deliver substantial value for all
stakeholders."
Perella Weinberg Partners and Oppenheimer & Co. Inc. acted
as financial advisors to PureCycle. Jones
Day acted as legal advisor to PureCycle and Loeb & Loeb
acted as legal advisor to Roth CH.
Transaction Overview
The business combination will
enable PureCycle to build additional capacity beyond its
Ironton, Ohio facility to deliver
desired volumes to PureCycle's customers.
"Over the last three months, PureCycle has further developed its
financial and manufacturing capabilities," Otworth continued. "This
is now an execution game for PureCycle. It's incumbent on us to
pull forward the best, most knowledgeable leaders to ensure that we
realize the full potential of this technology. In addition to the
rapid expansion of our world-class executive team, I am quite
pleased with the addition of Fernando
Musa, Tim Glockner and
Jeffrey Fieler to our board to
further enhance our growth, bringing additional finance and
manufacturing expertise."
Michael Dee, PureCycle's chief
financial officer, noted that over the last year PureCycle has
raised over $730 million in a variety
of sources and from an "extraordinary group of highly sophisticated
investors" who share the PureCycle vision, in a variety of
financial transactions. This capital will be mostly dedicated to
PureCycle's expansion and corporate development in the coming year
and provides a solid financial footing for the future of this
revolution in the ability to recycle polypropylene.
Senior Management
PureCycle will continue to be led by
Michael Otworth as chief executive
officer and chairman of the board. The senior management team
includes Michael Dee, chief
financial officer, David Brenner,
chief commercial officer, Dustin
Olson, chief manufacturing officer, Brad Kalter, general counsel and corporate
secretary, and Tamsin Ettefagh,
chief sustainability officer.
The strength of the PureCycle team continues to expand with the
recent strategic hires of Missy
Westerman, corporate controller, Gene Guerra, vice president of financial
planning and analysis, Brett Hafer,
vice president of manufacturing operations, Jim Haw, vice president of automation and
digital strategy, Dan Holloway, vice
president of human resources and Mike
Weber, vice president of technology.
Board of Directors
PureCycle has further strengthened
the composition of the board by bringing in industry leaders in
finance (Tanya Burnell and
Jeffrey Fieler) and operations
(Fernando Musa and Tim Glockner). The PureCycle board is composed
of seven members, including Mike
Otworth, John Scott,
Rick Brenner, Tanya Burnell, Tim
Glockner, Fernando Musa and
Jeffrey Fieler.
About PureCycle Technologies
PureCycle Technologies
LLC, dba PureCycle, 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 purecycletech.com.
About Roth CH Acquisition I Co.
Roth CH Acquisition I
Co. is 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 is 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 rothch.com.
Forward-Looking Statements
Certain 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
prospects of Roth CH and/or PCT and 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 PCT, 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 Roth CH,
including in the final prospectus relating to Roth CH's IPO, which
was filed with the SEC on May 6 2020
under the heading "Risk Factors," the proxy statement and
prospectus relating to the business combination, which was filed
with the SEC on February 12, 2021
under the heading "Risk Factors," or made or to be made by the
newly created publicly-listed holding company, to be renamed
PureCycle Technologies, Inc. upon closing of the transaction, and
the following: PCT's ability to meet, and to continue to meet,
applicable regulatory requirements for the use of PCT's recycled
polypropylene in food grade applications; PCT's ability to comply
on an ongoing basis with the numerous regulatory requirements
applicable to the recycled polypropylene and PCT's facilities;
expectations regarding PCT'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 PCT's ability to invest in growth
initiatives; PCT's ability to scale and build the Ironton plant in a timely and cost-effective
manner; the implementation, market acceptance and success of PCT's
business model and growth strategy; the success or profitability of
PCT's offtake arrangements; PCT's future capital requirements and
sources and uses of cash; PCT's ability to obtain funding for its
operations and future growth; developments and projections relating
to PCT's competitors and industry; the outcome of any legal
proceedings that may be instituted against Roth CH or PCT following
announcement of the merger agreement and the transactions
contemplated therein; the risk that the consummation of the
business combination disrupts PCT's current plans; the ability to
recognize the anticipated benefits of the business combination;
unexpected costs related to the business combination; the amount of
any redemptions by existing holders of Roth CH's common stock being
greater than expected; limited liquidity and trading of Roth CH's
securities; geopolitical risk and changes in applicable laws or
regulations; the possibility that Roth CH and/or PCT may be
adversely affected by other economic, business, and/or competitive
factors; operational risk and the 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 PCT's business
operations, as well as Roth CH's or PCT'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 PCT prove incorrect, actual results
may vary in material respects from those projected in these
forward-looking statements. Neither Roth CH nor PCT 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.
Media Contact
Laura
Mansfield, APR
Tombras
lmansfield@tombras.com
865.599.9968
PureCycle Contact
Amy Jo
Clark
aclark@purecycletech.com
317.504.0133
Investor Relations Contacts
Cody Slach, Tom
Colton
Gateway Investor Relations
ROCH@GatewayIR.com
(949) 574-3860
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SOURCE PureCycle