Exhibit 5.1
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| DLA Piper LLP (US) 2525 East Camelback Road Suite 1000 Phoenix, Arizona 85016-4232 www.dlapiper.com |
April 7, 2023
Roth CH Acquisition IV Co.
888 San Clemente Drive, Suite 400
Newport Beach, CA 92660
Re: | Registration Statement on Form S-4 (Registration No. 333-269095); Business Combination with Tigo Energy, Inc. |
Ladies and Gentlemen:
We have acted as counsel to Roth CH Acquisition IV Co., a corporation organized under the laws of Delaware (the “Company”), in connection with the preparation and filing by the Company with the Securities and Exchange Commission (the “Commission”) of a registration statement on Form S-4, Registration No. 333-269095 (as amended, the “Registration Statement”), and the related proxy statement/prospectus relating to the registration under the Securities Act of 1933, as amended (the “Securities Act”), of up to 60,000,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), to be issued by the Company pursuant to the terms of the Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”), dated as of December 5, 2022, by and among the Company, Tigo Energy, Inc., a Delaware corporation (“Tigo”), and Roth IV Merger Sub Inc., a Delaware corporation and a direct, wholly-owned Subsidiary of the Company (the “Merger Sub”). If the transactions contemplated by the Merger Agreement are completed, Merger Sub will merge with and into Tigo, with Tigo surviving the merger as a wholly owned subsidiary of the Company (the “Business Combination”). Following the closing of the Business Combination (the “Closing”), the Company intends to change its name to “Tigo Energy, Inc.”
Under the terms of the Merger Agreement, immediately prior to the effective time of the Business Combination, Tigo will (i) cause each issued and outstanding share of Tigo preferred stock to be automatically converted into a number of shares of Tigo common stock (“Tigo Common Stock”) in accordance with Tigo’s charter (the “preferred stock conversion”) and (ii) use reasonable best efforts to cause the “cashless” exercise of Tigo warrants for Tigo Common Stock (the “warrant exercise”). Among other things, at the effective time of the Business Combination, each share of Tigo Common Stock issued and outstanding immediately prior to the Closing (including shares of Tigo Common Stock issued in the preferred stock conversion and warrant exercise prior to the Closing but excluding shares owned by Tigo or any direct or indirect wholly owned subsidiary of Tigo as treasury stock, shares owned by the Company, and shares of Tigo Common Stock issued and outstanding immediately prior to the effective time of the Business Combination held by a holder who has not voted in favor of adoption of the Merger Agreement or consented thereto in writing and who is entitled to demand and has properly exercised appraisal rights of such shares in accordance with Section 262 of the Delaware General Corporation Law (“DGCL”) and otherwise complied with all of the provisions of the DGCL relevant to the exercise and perfection of dissenters’ rights) will be cancelled and converted into the right to receive a pro rata portion of the merger consideration based on the number of shares of Tigo capital stock outstanding before completion of the Business Combination on a fully diluted basis.
This opinion is being rendered in connection with the registration under the above-referenced Registration Statement of up to 60,000,000 shares of Common Stock (the “Shares”) to be issued pursuant to the Merger Agreement. This opinion letter is rendered in accordance with the requirements of Item 601(b)(5) of Regulation S–K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related proxy statement/prospectus, any proxy statement/prospectus filed pursuant to Rule 424(b) with respect thereto, other than as expressly stated herein with respect to the issue of the Common Stock.
In connection with our opinion expressed below, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the following documents and such other documents, corporate records, certificates