Reservoir Media, the fast growing music rights company that recently acquired the catalogs of members of Migos and Tommy Boy Records, has become a public company listing on NASDAQ. The company, which announced plans to go public back in April with a $788 million valuation, confirmed 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.
CEO Golnar Khosrowshahi said, “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.”
The company added in a statement to partners that the listing “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 US”.
Founded in 2007, Reservoir’s music publishing catalog consists of more than 130,000 copyrights dating as far back as 1900. Its catalog includes evergreen compositions such as “It’s Your Thing” by The Isley Brothers, “Ring of Fire” by Johnny Cash, “Take Me Home, Country Roads” by John Denver, and “Señorita” by Shawn Mendes and Camila Cabello.
Roster signings include Ben Harper, Migos’ Offset and Takeoff, 2 Chainz, Danja, James Fauntleroy, and Ali Tamposi. Reservoir has invested and deployed over $100 million in its frontline creative signings.