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RMG Acquisition Corp. (RMG) announced that its stockholders overwhelmingly approved all proposals related to its business combination with Romeo Systems, Inc. on December 28, 2020, achieving approximately 99.8% approval. Following this, RMG will have around $394 million in its trust account, including $160 million from a private placement. The transaction is expected to close on or around December 29, 2020, after which the combined entity will rebrand as Romeo Power, Inc. and trade on the NYSE under the ticker symbol 'RMO.'
RMG Acquisition Corp. has scheduled a virtual stockholder meeting for December 28, 2020, at 10:00 AM ET to approve its merger with Romeo Power. RMG stockholders of record as of December 1, 2020, will be eligible to vote. The SEC has declared effective the registration statement on Form S-4, which includes the proxy statement for this meeting. Romeo Power, an energy technology firm, specializes in lithium-ion battery solutions for electric vehicles, aiming to enhance sustainable transportation. The combined entity will operate under the name Romeo Power, Inc. and is expected to trade under the ticker symbol 'RMO.'
RMG Acquisition Corp. has nominated Paul Williams for election to its board of directors at the upcoming special meeting, coinciding with its merger with Romeo Power. Williams has extensive experience in executive recruitment and corporate governance, having served in significant roles at Cardinal Health and other organizations. The merger aims to enhance Romeo Power's market position in the energy technology sector. The new board will also include other nominees previously announced. Further details will be provided in an upcoming proxy statement sent to RMG stockholders.
RMG Acquisition Corp. has announced December 1, 2020, as the record date for stockholders eligible to vote on its merger with Romeo Power, an energy technology firm specializing in lithium-ion batteries for commercial electric vehicles. This merger, previously announced on October 5, 2020, is set to result in Romeo Power becoming a publicly traded company under the ticker symbol 'RMO'. A proxy statement will be provided to stockholders ahead of the special meeting to approve the business combination.
Romeo Power has announced a major multi-year production contract with The Lion Electric Co., expected to generate $234 million in revenue over five years starting in 2021. This agreement represents Romeo's eighth production contract in North America, nearly doubling its total contracted revenue. The deal encompasses Lion Electric’s fleet of all-electric commercial trucks and buses, reflecting increased demand for Romeo Power's advanced lithium-ion battery technology. The company operates a 7 GWh-capable facility in Los Angeles to support this growth.
Romeo Power has disclosed that Republic Services has exercised an option to purchase additional shares of RMG Acquisition Corp, now holding less than 5% of RMG's outstanding shares. This move is part of a strategic alliance to support Republic's sustainability goals through electrification. Tim Stuart from Republic Services will join Romeo Power's Board of Directors following their planned merger, expected to close later this year, enabling Romeo Power to trade as RMO on the NYSE. Romeo Power specializes in lithium-ion battery technology for commercial electric vehicles.
Romeo Power, based in Los Angeles, has launched a new range of battery packs for commercial vehicles, varying from 30kWh to 1 MWh. This innovation bridges the gap in the e-mobility sector, providing configurations that meet the diverse needs of electric trucks and buses. The company utilizes proprietary technology to enhance safety, energy density, and efficiency. A significant development is Romeo's merger with RMG Acquisition Corp. (NYSE: RMG), which is expected to close in late Q4 2020, facilitating Romeo's transition to a publicly traded company.
Romeo Power and RMG Acquisition Corp. have announced a definitive agreement for a business combination, enabling Romeo Power to become a publicly listed company. The merger values Romeo Power at approximately $1.33 billion. Romeo Power specializes in lithium-ion battery modules for commercial electric vehicles, with a robust manufacturing facility in Los Angeles. The transaction aims to capitalize on the growing $665 billion global market for commercial vehicles. Completion of the merger is expected in Q4 2020, subject to shareholder approval. The new ticker symbol for the combined company will be 'RMO'.
