RMG Acquisition Corp. shares plummeted today during merger talks. The business enterprise fusion had been approved by RMG stockholders in a meeting that is unique on December 28, 2020 and consummated on December 29, 2020. Beginning on 30, 2020, Romeo Power’s stocks of typical stock will trade in the NY stock market (“NYSE”) beneath the ticker icon “RMO” and its own warrants will trade regarding the NYSE underneath the ticker symbol “RMO.WT”.
Business Combination valued Romeo Power at a $900 million pre-money enterprise value and led to Romeo energy raising around $394 million (just before expenses) in additional equity money. About 99.8percent of RMG shareholders voting their stocks voted in support of the company mix and no RMG shareholders redeemed their stocks which are RMG. The funds which are additional anticipated to help Romeo Power’s continued growth and innovation, infrastructure and R&D opportunities.
“We are extremely worked up about completing RMG,” to the merger remarked Lionel Selwood, Jr., CEO of Romeo energy. “At this inflection point where legislation is electrification that is driving the commercial car industry and adjacent sectors, Romeo Power’s power technology is able to meet up with the demand.”
“Today markings a milestone that is big Romeo Power and RMG,” commented Robert Mancini, CEO of RMG. “We invested time that is significant examined hundreds of organizations before choosing Romeo Power with this deal. Romeo Power’s technology that is innovative strong partnerships solidify its position being a market leader, and now we anticipate dealing with them.”
With increased than $545 million in contracted revenues across its diverse and set that keeps growing of, Romeo Power is delivering simplified, electrification solutions for medium- and heavy-duty commercial cars. The business designs and creates battery pack management systems, modules and packages in home at its 113,000 square-foot facility that is manufacturing la, Ca. RMG Acquisition Corp. shares plummeted today during merger talks.