Reservoir Media shares slipped 4.9% on July 29, the publishing music rights company’s first day of trading on the Nasdaq stock exchange
Reservoir Media shares slipped 4.9% on Thursday , the publishing music rights company’s first day of trading on the Nasdaq stock exchange, opening at $9.49 and closing at $9.03.
Reservoir’s public listing follows a merger with Roth CH Acquisition II Co, a special purpose acquisition company that raised $115 million in an initial public offering and a private placement in December 2020. The companies’ combination was approved by the SPAC’s shareholders on Tuesday and values RSVR at $788 million.Roth CH Acquisition II shares had a $10 IPO price and briefly exceeded $11 in February.
Reservoir, which had revenue estimated at $64 million for its fiscal year ended March 31, is now the fourth publicly traded company that focuses on music rights acquisitions -- Hipgnosis Songs Royalty Fund, Round Hill Music Royalty Fund and One Media iP Group are listed on the London Stock Exchange. It is the first to trade in the U.S. and the first led by a female, CEO and founder Golnar Khosrowshahi.
“This entry into the public markets is a testament to the growth and bright future that lies ahead within the industry,” Khosrowshahi said in a statement Thursday. “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.
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