RMG Target Announced: Romeo Power
Romeo Power Technology, Leading Provider of Battery Technology to the Commercial EV Market, to List on NYSE Through Merger With RMG Acquisition Corp.
- Romeo Power has entered into a definitive merger agreement with RMG Acquisition Corp. (NYSE: RMG); upon closing, the combined company will remain listed on the New York Stock Exchange under the new ticker symbol “RMO”
- Romeo Power raises $384 million through the business combination, including a $150 million fully committed PIPE anchored by institutional investors as well as strategic investors The Heritage Group and Republic Services
- Funding provides for capacity expansion and R&D to further develop the next generation of battery system technologies for commercial vehicles
- BorgWarner is a strategic investor and joint venture partner of Romeo Power
- The Heritage Group is a strategic investor, PIPE participant and recycling partner of Romeo Power
- Republic Services is a strategic investor in the PIPE and intends to enter into a strategic alliance with Romeo Power
- Pro forma equity value of the combined company is approximately $1.33 billion
- Transaction is expected to close in the fourth quarter of 2020
Romeo Power - RMO
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