Roth CH Acquisition Co. Stock Price, News & Analysis

Wejo Group Limited (NASDAQ: WEJO) announced further cost reductions to enhance capital longevity and expedite Free Cash Flow breakeven from mid-2024 to mid-2025. The company aims to streamline operations while reducing cash burn by over 50%, from $6 million to a projected $2-3 million monthly by year-end 2023. Wejo targets a 200% revenue growth in its U.S. business in 2023 and anticipates an Adjusted EBITDA loss between $45 million and $55 million, improving from previous estimates of $60 million to $70 million. The firm is also pursuing $100 million in additional funding, currently having $57 million in trust from its merger with TKB Critical Technologies (NASDAQ: USCT).

Wejo Group Limited (NASDAQ: WEJO) has retained approximately $56.7 million in its trust account following a final shareholder vote to extend the time for completing its business combination with TKB Critical Technologies 1 (NASDAQ: USCT) to June 29, 2023. The extension was approved by about 99% of votes cast, ensuring an additional $3.7 million was retained compared to previous reports. CEO Richard Barlow highlighted this retention as a sign of shareholder confidence and anticipates a 200-300% year-over-year revenue growth for 2023. The transaction aims to enhance Wejo's technological capabilities.

TKB Critical Technologies 1 (Nasdaq: USCTU, USCT, USCTW) announced the extension of its business combination deadline to June 29, 2023, approved by 99% of shareholder votes. This extension allows TKB additional time to complete its merger with Wejo Group Limited. Shareholders redeemed a total of 17,533,296 shares, leaving approximately $55 million in TKB’s trust account, which is about 24% of the total pre-redemption balance. Co-CEO Angela Blatteis expressed gratitude for shareholder support, emphasizing plans to proceed with the merger.

Wejo Group Limited (NASDAQ: WEJO) has announced a key milestone in its proposed business combination with TKB Critical Technologies 1 (NASDAQ: USCT). TKB retained approximately $53 million in its trust account, reflecting shareholder confidence in Wejo’s potential. The business combination aims to raise up to $100 million to support Wejo's anticipated growth of 200-300% in 2022 and similar expectations for 2023. A shareholder meeting is scheduled for January 27, 2023, to vote on the extension for the business combination deadline.

TKB Critical Technologies 1 (Nasdaq: USCTU, USCT, USCTW) has announced it retained approximately $53 million in its trust account following the redemption deadline for Class A ordinary shares. The Extension Meeting aimed at shareholder approval for extending time to finalize a business combination has met its condition of maintaining at least 5.0 million Public Shares outstanding. TKB plans to reconvene the meeting on January 27, 2023, to allow shareholders to reverse redemptions. The business combination agreement with Wejo Group Limited is in progress.

TKB Critical Technologies 1 (Nasdaq: USCTU, USCT, USCTW) announced on January 24, 2023, that it has adjourned its extraordinary general meeting, scheduled for January 27, 2023, to seek shareholder approval for an extension to finalize its initial business combination with Wejo Group Limited. Shareholders can withdraw redemption requests until the vote, and those wishing to reverse their redemption must contact TKB's transfer agent. The firm focuses on investing in critical technologies, with leadership by Angela Blatteis and Greg Klein.

Wejo Group Limited (NASDAQ: WEJO) has entered a definitive business combination agreement with TKB Critical Technologies 1 (NASDAQ: USCT) to secure up to $100 million in capital. The transaction, which is anticipated to close in Q2 2023, will maintain Wejo's ticker symbol on Nasdaq. Wejo reports a remarkable 600% revenue increase in Q3 2022 and projects growth of 200% to 300% in 2023, aiming for $20 million - $30 million in revenue. The company also plans to reduce its operating cash burn significantly.

TKB Critical Technologies 1 has successfully closed its initial public offering (IPO) of 23 million units at $10.00 each, including 3 million units from the underwriters’ over-allotment option. The units, which consist of one Class A ordinary share and half a warrant, began trading on NASDAQ under symbol USCTU on October 27, 2021. The warrants can be exercised at $11.50 per share. The blank check company aims to find businesses in critical technologies aligned with U.S. national security and supply chain independence, focusing on various advanced sectors.