ROC Energy Acquisition Corp. Confirms Funding and Second Extension of Deadline to Complete Initial Business Combination

Rhea-AI Summary

ROC Energy Acquisition Corp. announced a $2,070,000 deposit into its trust account, allowing an extension of the deadline for its initial business combination from March 6, 2023 to June 6, 2023. This is the second of two three-month extensions allowed. The funds were loaned by an affiliate of ROC Energy Holdings LLC and are non-interest bearing, convertible into units similar to those from its recent private placement. The Company focuses on the traditional energy sector in the U.S. and is led by CEO Daniel Jeffrey Kimes and CFO Rosemarie Cicalese.

Positive

• Received a non-interest bearing loan of $2,070,000 for business combination extension.
• Extended deadline for initial business combination to June 6, 2023.

Negative

• Dependent on extensions to secure a business combination, indicating potential challenges in finding targets.
• The company has utilized both allowed extensions, suggesting urgency in completing a merger.

DALLAS, March 7, 2023 /PRNewswire/ -- ROC Energy Acquisition Corp. (the "Company") (Nasdaq: ROC) announced today that an affiliate of ROC Energy Holdings LLC (the "Sponsor"), has deposited an aggregate of $2,070,000 (representing $0.10 per public share) (the "Extension Payment") into the Company's trust account for its public stockholders. This deposit enables the Company to extend the date by which the Company has to complete its initial 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.

An affiliate of the Sponsor loaned the Extension Payment to the Company. The loan is non-interest bearing and convertible, at the lender's discretion, into units identical to the units issued in the Company's private placement that was consummated in connection with the Company's initial public offering.

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 purpose of ROC Energy Acquisition Corp's recent funding?

The funding of $2,070,000 is to facilitate an extension of the deadline for completing its initial business combination.

What is the new deadline for ROC Energy Acquisition Corp's business combination?

The new deadline is June 6, 2023, following the recent extension.

How many extensions has ROC Energy Acquisition Corp utilized?

ROC Energy Acquisition Corp has utilized both extensions allowed under its governing documents.

What type of loan did ROC Energy Acquisition Corp receive?

The company received a non-interest bearing loan that can be converted into units similar to those from its private placement.