ROTH Capital Partners

ROTH Capital Partners is an investment banking firm established in 1984 and headquartered in Newport Beach, California. The firm specializes in the small-cap public market, offering a range of services including capital raising, research coverage, trading, market-making, mergers and acquisitions, and initial public offerings. ROTH has a history of innovation in this sector, having participated in underwriting IPOs for small-cap companies in the 1990s and developing the PIPE (private investment in public equity) financing structure as market dynamics evolved. The firm was also a pioneer in financing small-cap Chinese companies, establishing a Representative Office in Shanghai in 2007 and a Limited Office in Hong Kong in 2010. Its expertise spans various sectors, including consumer, healthcare, industrial growth, clean technology, resources, technology, and media.

Charles Campbell

Managing Director, Trading Desk Specialist

Michael Tait

Managing Director, Head of Origination

Jason Wittes

Managing Director, Senior Research Analyst

Jonathan Aschoff Ph.D

Managing Director and Senior Analyst, Research

36 past transactions

Riley Permian

Venture Round in 2021
Riley Permian is an energy exploration company specializing in the discovery and production of oil and natural gas, primarily within the Permian Basin. The firm places a strong emphasis on horizontal development of the San Andres Formation, leveraging its technical expertise and advanced evaluation techniques to enhance operational efficiency. In addition to its core activities in the Permian Basin, Riley Permian also maintains operations in Kansas and Tennessee, reflecting a diverse portfolio in the energy sector.

Meta Materials

Post in 2021
MTI, a smart materials and photonics company which is changing the way we use, interact and benefit from light. From healthcare to defense, energy to aerospace– the possibilities are endless

Cambium Networks

Post in 2021
Cambium Networks is a global provider of wireless broadband solutions that connect the unconnected. Through its extensive portfolio of reliable, scalable and secure wireless broadband point-to-point (PTP) and point-to-multipoint (PMP) platforms, Cambium Networks makes it possible for all service providers; enterprises; governmental and military agencies; oil, gas and utility companies; Internet service providers; and public safety networks to build powerful, easily sustainable communications networks.

Celsius

Post in 2021
Celsius Holdings, Inc. develops, markets, and distributes functional fitness beverages that promote calorie burning. The company offers a diverse range of products, including carbonated and non-carbonated drinks in various flavors such as orange, wild berry, and kiwi-guava, as well as dietary supplements like Celsius Heat in flavors such as apple jack’d and cherry lime. Celsius emphasizes the health aspect of its beverages, ensuring they are free from aspartame, high fructose corn syrup, genetically modified ingredients, artificial flavors, and excessive sodium. The products are available through multiple distribution channels, including direct-store delivery, supermarkets, convenience stores, health clubs, and e-commerce platforms. Founded in 2004 and based in Boca Raton, Florida, Celsius was previously known as Vector Ventures, Inc. before rebranding in 2007.

Falconstor Software

Post in 2021
FalconStor Software, Inc. is a storage software company that specializes in data migration, business continuity, disaster recovery, optimized backup, and deduplication solutions. The company offers a range of products, including the FalconStor virtual tape library, which replaces traditional tape libraries for data preservation, and FalconStor storsafe for long-term archive management. Additionally, it provides the FalconStor continuous data protector for instant data availability and recovery, as well as the network storage server for data virtualization in diverse environments. FalconStor's solutions are designed to enhance the availability of critical business data and facilitate disaster recovery, utilizing WAN-optimized replication options. The company's products are distributed through a global network of partners, including managed service providers, resellers, and original equipment manufacturers. Founded in 1994 and headquartered in Austin, Texas, FalconStor aims to reduce storage costs while ensuring data security and accessibility for enterprise customers.

DMC Global

Funding Round in 2021
Dynamic Materials Corporation (DMC) is a provider of explosion-welded clad metal plates. The Company is an industrial manufacturer focusing on niche markets related to the building of equipment and materials to support the infrastructure of the process and energy industries. The Company operates in three segments: Explosive Metalworking, Oilfield Products and AMK Welding. Explosion-weld cladding uses an explosive charge to bond together plates of different metals. Its Explosive Metalworking operations are located in the United States, Germany and France. Through its Oilfield Products segment, which it also refers to as DYNAenergetics, it provides a range of products for the global oil and gas industries. Its AMK Welding segment (AMK Welding) provides welding services, primarily to the power turbine and aircraft engine manufacturing industries. On January 3, 2012, the Company acquired the assets and operating business of Texas-based TRX Industries, Inc

Reed's

Post in 2021
REEDS, Inc. is making extraordinary beverages and confections using very old-fashioned, natural methods and wholesome, fresh ingredients. They are a growing family of passionate entrepreneurs who have developed food and drink, which in their opinion exceed any products within their categories in taste, quality and imagination, as they are certain you noticed by now! Long before modern soft drinks existed, people brewed their own beverages. In the Caribbean, home brewed ginger beverages are a part of life. Reed’s brews six carbonated ginger combinations using only the finest ingredients. The six flavors are: Original Ginger, Extra Ginger, Premium Ginger, Raspberry Ginger, Cherry Ginger and Spiced Apple. These award winning, top selling beverages are found internationally in gourmet and natural food stores. Reed’s passion for ginger comes from its incredible flavor and health giving properties. Reed’s love for ginger has expanded to creating some of the finest candy and ice creams ever. The ice cream flavors include Original Ginger, Chocolate Ginger, and Green Tea Ginger. So go to your local store and get a delicious dose of health giving ginger with Reed’s! China Cola can be found at many natural health food stores or ask for it at your favorite store. REED’S Inc. is a Publicly Traded Stock on NYSE under the symbol “REED”

Adomani

Post in 2021
Envirotech Vehicles Inc designs zero-emission electric and hybrid drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles. The company also designs patented re-power conversion kits to replace conventional drivetrain systems for combustion powered vehicles with zero-emission electric or hybrid drivetrain systems. Its product range includes Cab Over Engine Trucks and Shuttle Bus Fleets.

VirTra

Post in 2021
VirTra Systems, Inc., is engaged in the sale and development of judgmental use of force training simulators and firearms training simulators for law enforcement, military and commercial uses. The Company sells simulators and related products around the world through a direct sales force and international distribution partners. Its products include V-300 Simulator, a 300 degree wrap-around screen with video capability for simulation training; V-180 Simulator, a 180 degree screen with video capability; V-100 Simulator, a single-screen-based simulator system; V-ST Simulator, a single screen simulated shooting range simulator with the ability to scale to multiple screens; V-Author Software, which allows users to create, edit and train with content specific to agency's objectives; Simulated Recoil, a range of simulated recoil kits/weapons, and Return Fire Device, a Threat-Fire device that applies real-world stress on the trainees during simulation training.

GIGA TRONICS

Post in 2021
Giga-tronics is a leading engineering-and-design manufacturer of best-in-class RF and microwave signal generators, microwave power amplifiers, microwave power meters, ATE signal switching and RF interface unit (RFIU) and microwave components and sub-assemblies. R&D, production and test managers, scientists, engineers and technicians, around the world, use Giga-tronics test equipment to realize higher productivity and greater ease of use in many applications: ATE systems, aerospace & defense, communications and general microwave component test.

Bally Technologies

Private Equity Round in 2021
Bally Technologies, Inc. is a diversified, worldwide gaming company that designs, manufactures, distributes, and operates gaming devices and computerized monitoring, accounting and player-tracking systems for gaming devices. In addition to selling gaming devices, the Company also offers customers a wide range of purchase and lease options. It derives revenue from Gaming Equipment (sale of gaming devices and related equipment, parts and conversion kits) and Gaming Operations (operation of linked progressive systems, video lottery and centrally determined systems and the rental of gaming devices and content).

VBL Therapeutics

Post in 2021
VBL Therapeutics is a clinical-stage biotechnology company dedicated to developing innovative treatments for cancer and immune-inflammatory diseases. Founded to address significant unmet medical needs, the company focuses on creating therapies that surpass the limitations of currently available options. Its clinical pipeline is built on two proprietary platform technologies that utilize the body’s natural physiological and genetic regulatory mechanisms. The lead candidate, VB-111, is a gene-based biologic targeting solid tumors, specifically for recurrent glioblastoma, an aggressive brain cancer. In addition to its oncology efforts, VBL is also advancing a program aimed at anti-inflammatory diseases, leveraging its Lecinoxoid platform technology.

Array Technologies

Post in 2021
Array Technologies, Inc. specializes in solar tracking solutions and services for utility-scale solar energy projects. Founded in 1989 and headquartered in Albuquerque, New Mexico, the company manufactures innovative and reliable solar tracking systems, including the DuraTrack HZ v3, a single-axis tracker designed to optimize solar panel orientation throughout the day. Additionally, Array offers SmarTrack, a machine learning software that adjusts panel angles based on real-time weather and site conditions. With a global footprint, the company serves a diverse clientele, including utilities, corporations, and small businesses, with installations in countries such as Spain, Italy, China, and Korea. Most of its revenue is generated in the United States, while the company's manufacturing operations also extend to Europe, Central America, and Australia.

Thomson Resources

Post in 2021
Thomson Resources is an Australian exploration company dedicated to the discovery and development of mineral deposits, primarily in the New England Fold Belt of Northern New South Wales. The company focuses on a variety of metals, including gold, silver, tin, copper, lead, and zinc. Its notable projects include the Bygoo project in Ardlethan, the Yalgogrin Gold Project, the Harry Smith Gold Project, and several silver projects such as Webbs, Conrad, Mt Carrington, and Texas. Thomson Resources was incorporated in 2009 and is headquartered in St Leonards, Australia.

Sunworks

Private Equity Round in 2021
Sunworks, Inc. specializes in providing photovoltaic (PV) solar power systems and battery storage solutions for various markets, including residential, agricultural, commercial, industrial, and public works. Established in 2002 and headquartered in Roseville, California, the company operates through three main segments: Residential Solar, which focuses on homeowners; Commercial Solar, which caters to larger projects ranging from 50 kW to multi-megawatt systems; and a Corporate segment for overall management. Sunworks is committed to delivering high-quality, performance-oriented solutions and offers comprehensive services, including system design, financing, installation, and maintenance. The company emphasizes ethical business practices and safety, maintaining a dedicated workforce that upholds its guiding principles. Sunworks is also a member of the Solar Energy Industries Association and advocates for the advancement of solar energy.

McEwen Mining

Post in 2020
McEwen Mining Inc. is engaged in the exploration, development, production, and sale of gold and silver, operating primarily in the United States, Canada, Mexico, and Argentina. The company holds a 49% interest in the San José silver-gold mine in Argentina and owns several projects in Mexico, including the El Gallo complex. In Canada, McEwen Mining controls the Black Fox Mine and several exploration properties, while also owning interests in the Gold Bar project in Nevada and the Los Azules copper deposit in Argentina. The company's exploration efforts are focused on acquiring and developing additional resources in regions surrounding its existing operations, such as Santa Cruz province in Argentina and areas adjacent to significant mining sites in Nevada and Mexico. Founded in 1979 and headquartered in Toronto, Canada, McEwen Mining aims to position itself as a profitable mid-tier producer within the industry.

Lumitron Technologies

Venture Round in 2020
Lumitron Technologies, based in Irvine, California, specializes in the development of advanced X-ray systems that enhance imaging and therapeutic capabilities. Founded in 2013, the company commercializes a novel X-ray technique initially developed at Lawrence Livermore National Laboratory and the SLAC National Accelerator Laboratory. This technology utilizes a high-energy laser light source, known as Laser-Compton, which offers the power of a large synchrotron in a compact device akin to a modern CT scanner, at a significantly lower cost. Lumitron's systems aim to replace traditional X-ray and CT scanners in medical settings, providing detailed identification of tumors while minimizing radiation exposure. The company's innovations enable ultrahigh-fidelity imaging, ultra-low dose radiography, and hyper-precision radiotherapy, supporting healthcare providers in performing advanced imaging and targeted therapies in existing clinical environments.

Intec Pharma

Post in 2018
Intec Pharma Ltd is a clinical-stage biopharmaceutical company based in Jerusalem, Israel, focused on drug development utilizing its proprietary Accordion Pill platform technology. This oral drug delivery system enhances the efficacy and safety of existing medications through a unique gastric retention and controlled release mechanism. The company's lead product candidate, Accordion Pill Carbidopa/Levodopa, is currently undergoing Phase III clinical trials for treating symptoms of advanced Parkinson’s disease. Additionally, Intec Pharma is developing Accordion Pill Zaleplon, which is also in Phase III trials for insomnia treatment, and a candidate aimed at preventing and treating gastrointestinal ulcers linked to Nonsteroidal Anti-Inflammatory Drugs. Other product candidates include formulations containing Cannabidiol and 9-Tetrahydrocannabinol for various pain indications. The company has established research collaborations, including one with Merck, to explore further applications of its Accordion Pill technology. Founded in 2000, Intec Pharma was initially named Intec Pharmaceuticals before rebranding in 2004.

Gazillion

Series C in 2017
Gazillion Entertainment, we develop, publish and operate diverse games on many platforms. Our goal: To build breakthrough experiences featuring world-class brands and original franchises, superior production quality and unmatched gameplay. Gazillion is headquartered in Foster City, CA.

Biocept

Post in 2017
Biocept, Inc. is a molecular oncology diagnostics company that develops and commercializes innovative assays for circulating tumor cells and circulating tumor DNA, utilizing standard blood samples. Its cancer assays provide critical information for healthcare providers to identify oncogenic alterations in diverse solid tumors, including breast, lung, gastric, colorectal, prostate, melanoma, pancreaticobiliary, and ovarian cancers. The company employs its patented Target-Selector technology to enhance the sensitivity and specificity of mutation detection. Biocept also offers laboratory services to various medical professionals, aiding in the development of treatment plans for cancer patients. In addition to its blood-based liquid biopsy assays, Biocept has created the CNSide cerebrospinal fluid assay to detect metastasized cancer in the central nervous system. The company's clinical laboratory is accredited and operates under strict regulatory standards. Biocept markets its diagnostic assays directly to healthcare providers and collaborates with pharmaceutical companies and clinical research organizations for drug development and research services. Founded in 1997, Biocept is headquartered in San Diego, California.

Gazillion

Series B in 2016
Gazillion Entertainment, we develop, publish and operate diverse games on many platforms. Our goal: To build breakthrough experiences featuring world-class brands and original franchises, superior production quality and unmatched gameplay. Gazillion is headquartered in Foster City, CA.

Smule

Series G in 2016
Smule, Inc. develops music applications that enable users to create, discover, love, and enjoy music. It also operates a social platform that allows people using its application to create music together. Smule, Inc. was formerly known as SonicMule, Inc. The company was founded in 2008 and is based in San Francisco, California.

SunBasket

Series A in 2016
Sun Basket, Inc. is an online retailer that specializes in delivering organic ingredients and meal recipes directly to customers. The company offers a variety of meal plans, including gluten-free, paleo, and vegetarian options, allowing customers to select meals tailored to their dietary preferences each week. Founded in 2011 and based in San Francisco, California, with a distribution center in New Jersey, Sun Basket sources its ingredients from over 135 farms, ranches, and fisheries. The company emphasizes the use of organic and non-GMO produce, as well as antibiotic and hormone-free meats, ensuring adherence to sustainability standards set by the Monterey Bay Aquarium. Sun Basket has experienced significant growth, expanding its workforce and sales rapidly in recent years.

Gazillion

Series A in 2016
Gazillion Entertainment, we develop, publish and operate diverse games on many platforms. Our goal: To build breakthrough experiences featuring world-class brands and original franchises, superior production quality and unmatched gameplay. Gazillion is headquartered in Foster City, CA.

SunBasket

Venture Round in 2015
Sun Basket, Inc. is an online retailer that specializes in delivering organic ingredients and meal recipes directly to customers. The company offers a variety of meal plans, including gluten-free, paleo, and vegetarian options, allowing customers to select meals tailored to their dietary preferences each week. Founded in 2011 and based in San Francisco, California, with a distribution center in New Jersey, Sun Basket sources its ingredients from over 135 farms, ranches, and fisheries. The company emphasizes the use of organic and non-GMO produce, as well as antibiotic and hormone-free meats, ensuring adherence to sustainability standards set by the Monterey Bay Aquarium. Sun Basket has experienced significant growth, expanding its workforce and sales rapidly in recent years.

Revel Systems

Series C in 2015
Revel Systems, Inc. is a provider of point of sale (POS) and business management system solutions, established in 2010 and headquartered in Atlanta, Georgia, with additional offices in various locations worldwide. The company specializes in developing an iOS-based POS system that combines cloud technology with the mobility of the Apple iPad. Revel Systems offers a comprehensive hardware suite, including iPads, POS printers, barcode scanners, and various peripherals, alongside a software platform that features integrated payroll, inventory tracking, and customer relationship management. Its solutions cater to a diverse range of industries, including restaurants, retail, grocery stores, and more. The introduction of the Revel Marketplace allows users to enhance their POS experience by integrating third-party services such as mobile payments and online ordering, thus streamlining business operations and reporting into a single platform.

RedHill Biopharma

Post in 2015
RedHill Biopharma Ltd. is a specialty biopharmaceutical company based in Tel Aviv, Israel, established in 2009. The company focuses on developing and commercializing innovative treatments primarily for gastrointestinal and infectious diseases. RedHill markets several gastrointestinal drugs, including Movantik for opioid-induced constipation, Talicia for Helicobacter pylori infection, and Aemcolo for travelers’ diarrhea. In addition to its marketed products, the company is advancing multiple late-stage investigational programs. These include RHB-204, which targets pulmonary nontuberculous mycobacterial infections; opaganib, a selective inhibitor with ongoing studies for COVID-19, prostate cancer, and cholangiocarcinoma; and RHB-104 for Crohn's disease. Other projects involve RHB-102 for acute gastroenteritis and gastritis, RHB-107 for cancer and inflammatory gastrointestinal diseases, and RHB-106, an encapsulated bowel preparation. RedHill Biopharma emphasizes acquiring, developing, and improving existing drugs and orphan drugs through its innovative approach to drug formulation and regulatory pathways.

LiquidSpace

Series C in 2014
LiquidSpace, Inc. operates a mobile and web application designed to connect individuals seeking workspace with venues that offer shared office environments. Founded in 2010 and based in Palo Alto, California, the platform facilitates short-term office rentals, allowing users to find and book workspaces on a month-to-month basis or even by the hour. This model simplifies the office search process, enabling users to complete their workspace hunt in minutes rather than months, while also providing flexibility to upgrade as business needs change. LiquidSpace serves as a solution for companies with excess office space, allowing them to monetize unused areas by connecting with startups and other businesses in need of workspace. The service handles all aspects of the rental process, including terms, agreements, and transactions, streamlining the experience for both workspace seekers and providers across the United States, Canada, and Australia.

Rant

Venture Round in 2014
Rant, Inc. is an innovative online media company based in Irvine, California, known for its diverse portfolio of digital content platforms. Founded in 2010 by Brett Rosin and Grant Brown, the company initially focused on sports through its flagship brand, RantSports, which consists of a network of blogs dedicated to various sports teams. To broaden its audience, Rant, Inc. has since expanded its offerings with the launches of RantLifestyle and RantChic, targeting areas such as lifestyle, fitness, entertainment, and celebrity culture. The company has evolved from its origins in Winfield, Illinois, to establish offices in multiple locations, including Downers Grove and Laguna Beach. With a team of 24 full-time employees and an extensive writing staff, Rant, Inc. continues to produce original digital content, enabling users to engage with a wide range of topics and share their insights across its platforms.

Smule

Series E in 2014
Smule, Inc. develops music applications that enable users to create, discover, love, and enjoy music. It also operates a social platform that allows people using its application to create music together. Smule, Inc. was formerly known as SonicMule, Inc. The company was founded in 2008 and is based in San Francisco, California.
AmpliPhi Biosciences is a biopharmaceutical company dedicated to developing bacteriophage-based therapies for bacterial infections, particularly those caused by drug-resistant strains. By leveraging naturally occurring viruses known as bacteriophages, the company aims to offer an innovative treatment approach that addresses a broad range of bacterial diseases. AmpliPhi has established a drug development and manufacturing platform that facilitates the rapid creation and production of various phage therapies. The initial focus of its research and development efforts is on treating acute and chronic infections in the lung, sinus, and gastrointestinal areas. The company operates in multiple locations, including Richmond, Virginia, Colworth Science Park in the United Kingdom, and near Sydney, Australia.

Soasta

Series E in 2013
Soasta, Inc. is a digital performance management company based in Mountain View, California, specializing in cloud testing, performance testing, real user monitoring, and application testing for web and mobile environments. Established in 2006, the company offers a suite of products, including mPulse for real user monitoring, CloudTest for load and performance testing, TouchTest for mobile functional testing, and a Digital Operations Center for performance visibility. Soasta's platform enables businesses to gain real-time insights into user experiences, allowing them to optimize performance and align it with business objectives. The company has conducted over 10 million tests and measured more than 100 billion user experiences, serving a diverse clientele that includes notable names in various industries. Additionally, Soasta provides comprehensive support services, including strategic assessments, test planning, execution, and training options for clients. As of 2017, Soasta operates as a subsidiary of Akamai Technologies.

Celator Pharmaceuticals

Private Equity Round in 2013
Celator Pharmaceuticals, Inc., a biopharmaceutical company, develops therapies to treat cancer. The company focuses on CombiPlex, a drug ratio technology platform that enables to the development of combination therapies. Its products include CPX-1 (Irinotecan HCI-Floxuridine), a treatment for colorectal cancer; and CPX-351 (Cytarabine-Daunorubicin), a treatment for acute myeloid leukemia (AML). Celator Pharmaceuticals, Inc. was formerly known as Celator Technologies, Inc. The company was founded in 2000 and is headquartered in Princeton, New Jersey.

Natus Medical

Venture Round in 2006
Natus Medical Incorporated is a prominent provider of medical device solutions focused on diagnosing and treating disorders of the central nervous and sensory systems. The company offers a range of products and services for screening, detecting, treating, and monitoring various medical conditions, particularly in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance disorders. Its product portfolio includes computerized neurodiagnostic systems for audiology, neurology, and polysomnography, as well as essential newborn care devices such as hearing screening systems, phototherapy devices for jaundice, incubators, and head-cooling products for brain injury treatment. Additionally, Natus provides software systems for public health laboratories and diagnostic tools for assessing hearing loss and balance disorders. The company serves a diverse clientele, including hospitals, clinics, laboratories, and healthcare professionals, ensuring accurate diagnosis and patient care. Founded in 1987 and headquartered in Pleasanton, California, Natus continues to advance healthcare solutions in its specialized fields.

Infinilink

Series A in 2000
Infinilink s an early-stage technology company specializing in OEM products for delivering high speed digital communications.
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