Reservoir Media, Inc. Announces Closing of Business Combination and Will Begin Trading on NASDAQ
July 28 2021 - 4:15PM
Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir”), an
award-winning independent music company, today announced the
closing of its previously announced business combination with Roth
CH Acquisition II Co. (“ROCC”), a publicly traded special purpose
acquisition company formed by Roth Capital Partners and
Craig-Hallum Capital Group. Reservoir also announced the closing of
its previously announced common stock PIPE of $150 million. The
business combination was approved by ROCC’s stockholders at a
special meeting of stockholders held on July 27, 2021.
The combined company is named “Reservoir Media, Inc.” Beginning
on July 29, 2021, Reservoir’s common stock and warrants are
expected to trade on the Nasdaq Capital Market LLC (“Nasdaq”) under
the ticker symbol “RSVR” and “RSVRW,” respectively.
Reservoir’s Founder and Chief Executive Officer, Golnar
Khosrowshahi, and the current management team will continue to lead
Reservoir. Ms. Khosrowshahi stated, “We are so happy with the
result of the stockholder meeting and to close the business
combination today. This represents an important milestone for our
company as we become the first U.S.-based publicly traded
independent music company and the first female founded and led
publicly traded music company in the U.S.”
Ms. Khosrowshahi went on to say, “Over the last 14 years, the
Reservoir team has excelled at enhancing the value of our
copyrights and recordings, while building a diverse and
high-quality catalog and growing our roster. Our tremendous passion
and skills have driven Reservoir to hold a regular Top 10 U.S.
market share as reported by Billboard. This entry into the public
markets is a testament to the growth and bright future that lies
ahead within the industry. As we focus on our growth, our listing
on Nasdaq provides us the resources to execute on our penetration
into emerging markets and continue rapidly with our strategic
acquisitions. I look forward to our next chapter as a publicly
traded company.”
Since announcing the business combination in April 2021,
Reservoir has made a number of catalog and copyright acquisitions
to continue its growth trajectory. This included the acquisition of
legendary independent hip-hop and electronic record label Tommy Boy
Music, LLC, which comprises over 6,000 master recordings and
numerous legacy catalogs. Reservoir has also continued to emphasize
its growth in emerging markets with the announcement of becoming a
minority partner in Outdustry Limited, China-headquartered music
rights and marketing services company.
About Reservoir
Reservoir is an independent music company based in New York City
and with offices in Los Angeles, Nashville, Toronto, London, and
Abu Dhabi. Founded as a family-owned music publisher in 2007,
Reservoir has grown to represent over 130,000 copyrights and 36,000
master recordings with titles dating as far back as 1900 and
hundreds of #1 releases worldwide. Reservoir holds a regular Top 10
U.S. Market Share according to Billboard’s Publishers Quarterly,
was twice named Publisher of the Year by Music Business Worldwide’s
The A&R Awards, and won Independent Publisher of the Year at
the 2020 Music Week Awards.
The company also represents a multitude of recorded music
through Chrysalis Records, Tommy Boy Records, and Philly Groove
Records and manages artists through its ventures with Blue Raincoat
Music and Big Life Management.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, as amended, including
statements with respect to the financial condition, results of
operations, earnings outlook and prospects of Reservoir.
Forward-looking statements are based on the current expectations
and beliefs of the management of Reservoir and are inherently
subject to a number of risks, uncertainties and assumptions and
their potential effects. 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 financial condition,
results of operations, earnings and/or prospects to be materially
different from those expressed or implied by these forward-looking
statements. Any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. In addition, forward-looking statements are typically
identified by words such as “plan,” “believe,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, but the absence of these words does not mean that
a statement is not forward-looking. The risks, uncertainties and/or
assumptions include, among others, those discussed and identified
in public filings made with the Securities and Exchange Commission
by Reservoir and the following:
- expectations regarding Reservoir’s strategies and future
financial performance, including its future business plans or
objectives, prospective performance and opportunities and
competitors, revenues, products, pricing, operating expenses,
market trends, liquidity, cash flows and uses of cash, capital
expenditures;
- Reservoir’s ability to invest in growth initiatives and pursue
acquisition opportunities;
- the ability to achieve the anticipated benefits of the business
combination, which may be affected by, among other things,
competition and the ability of Reservoir to grow and manage growth
profitably and retain its key employees;
- the inability to maintain the listing of Reservoir’s common
stock on Nasdaq and limited liquidity and trading of Reservoir’s
securities;
- geopolitical risk and changes in applicable laws or
regulations;
- the possibility that Reservoir may be adversely affected by
other economic, business and/or competitive factors;
- risks related to the organic and inorganic growth of
Reservoir’s business and the timing of expected business
milestones;
- risk that the COVID-19 pandemic, and local, state and federal
responses to addressing the COVID-19 pandemic, may have an adverse
effect on our and Reservoir’s business operations, as well as our
and their financial condition and results of operations; and
- litigation and regulatory enforcement risks, including the
diversion of management time and attention and the additional costs
and demands on Reservoir’s resources.
Should one or more of these risks or uncertainties materialize
or should any of the assumptions made by the management of
Reservoir prove incorrect, actual results may vary in material
respects from those projected in these forward-looking
statements.Except to the extent required by applicable law or
regulation, Reservoir undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events.
Media ContactReservoir Media, Inc.Suzy ArrabitoVice President,
Marketing &
Communicationssa@reservoir-media.comwww.reservoir-media.com
Investor ContactAlpha IR GroupJackie Marcus or Mike
DwyerRSVR@alpha-ir.com
Source: Reservoir Media, Inc.
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