ROC Energy Acquisition Corp. Announces Second Extension of Deadline to Complete Business Combination

Rhea-AI Summary

On March 3, 2023, ROC Energy Acquisition Corp. announced an extension of its deadline to complete a business combination from March 6, 2023 to June 6, 2023. This extension is the second of two allowed three-month delays under the Company's governing documents. The Sponsor, ROC Energy Holdings LLC, will deposit $2,070,000 (equivalent to $0.10 per public share) into the Company's trust account by the March deadline. This move aims to provide ROC Energy additional time to execute its initial business combination, highlighting its ongoing efforts in the traditional energy sector.

Positive

• Extension allows additional time for a potential business combination.
• Sponsor's deposit of $2,070,000 reinforces financial stability.

Negative

• The need for an extension may indicate challenges in finalizing a business combination.

DALLAS, March 3, 2023 /PRNewswire/ -- ROC Energy Acquisition Corp. (the "Company") (Nasdaq: ROC) announced today that its sponsor, ROC Energy Holdings LLC (the "Sponsor"), has requested that the Company extend the date by which the Company must consummate a business combination from March 6, 2023 to June 6, 2023 (the "Extension"). The Extension is the second of two three-month extensions permitted under the Company's governing documents. In connection with the Extension, the Sponsor has notified the Company that it intends to deposit an aggregate of $2,070,000 (representing $0.10 per public share) into the Company's trust account on or before March 6, 2023. The Extension provides the Company with additional time to complete its initial business combination. 

About ROC Energy Acquisition Corp.
The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition in any business industry or sector, it has concentrated its efforts on the traditional energy sector in the U.S. The Company is led by Chief Executive Officer Daniel Jeffrey Kimes and Chief Financial Officer Rosemarie Cicalese. To learn more, visit: https://rocspac.com.

Forward-Looking Statements
This press release may include, and oral statements made from time to time by representatives of the Company may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the Securities and Exchange Commission ("SEC"). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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SOURCE ROC Energy Acquisition Corp.

FAQ

What is the significance of ROC Energy's extension announcement on March 3, 2023?

The extension allows ROC Energy Acquisition Corp. more time until June 6, 2023, to complete its business combination.

How much money is ROC Energy's Sponsor depositing for the extension?

The Sponsor is depositing $2,070,000, or $0.10 per public share, into the Company's trust account.

What does the extension mean for ROC Energy (ROC) shareholders?

The extension provides additional time to seek a viable business combination, which could benefit shareholders in the long run.

What are the potential implications of ROC Energy needing two extensions?

Needing two extensions might reflect difficulties in securing a business combination within the expected timeframe.