ROCG merger with TIGO ENERGY, INC.
TIGO ENERGY, INC. — All comparisons in the Presentation are against Enphase and SolarEdge.
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
An effective (post-dilution) figure needs either a stated pro-forma share count or the headline value plus the promote terms; the filings we hold do not yet state enough, and we will not print an estimate built on inventions.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: TIGO ENERGY, INC.
from S-4/AThe business actually being bought — described from SEC primary filings, with projections labelled as projections.
All comparisons in the Presentation are against Enphase and SolarEdge. x Tigo provides a leading solar solution in a highly attractive category with significant tailwinds globally ▪ The passage of the Inflation Reduction Act (“IRA”) in the US and energy dislocation in Europe have significantly accelerated solar demand x Tigo improves the economics of solar ▪ It improves energy output, ROI, and meets mandated safety requirements, all while representing a small percentage of the total installation cost x Solar installers are seeking additional suppliers ▪ Solar Optimizer and Inverter space is serviced by two prominent providers (ENPH and SEDG) (1) x It is well positioned to capitalize on the opportunity ▪ Tigo has spent the last 15 years developing its solution Tigo stands to benefit significantly as it becomes a public company; in doing so, the company becomes a strong alternative to the current duopoly in the solar inverter market Tigo’s Mission Tigo ’s mission is to deliver smart hard ware and software solutions that enhance safety , increase energy yield , and lower operating costs of residential, commercial, and utility - scale solar systems Energy Intelligence (EI) ATS EI Inverter TS4 Flex MLPE EI Battery Energy Intelligence 7 Growing Share Solar Optimizer & Inverter space is serviced predominantly by two suppliers; customers are seeking multiple suppliers 400+ Customers Diverse and expanding global customer base with substantial new wins 30% Gross Margins (2) Optimized architecture with low component count reduces cost base and increases product reliability Rapid 80%+ Y/Y Revenue Growth (1) in Large $115B TAM Gaining share in large and rapidly growing Solar and Energy Storage markets ~$4 Million 2022E Adj. EBITDA (3) Capital - light business model 1
TIGO ENERGY, INC. — every SPAC that has bid for it, and its listed peers
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.