RMO - RMO STOCK NEWS

Nikola Corporation (Nasdaq: NKLA) has launched an exchange offer to acquire all outstanding shares of Romeo Power, Inc. (NYSE: RMO), announced on August 30, 2022. Under the terms, Romeo stockholders will receive 0.1186 of a Nikola share for each share of Romeo, equating to a 34% premium over Romeo's closing price on July 29, 2022. The offer will expire on September 26, 2022, unless extended. The merger aims to enhance Nikola's zero-emission vehicle capabilities through Romeo's battery technology, with completion anticipated in Q4 2022, subject to regulatory approval and shareholder acceptance.

Nikola Corporation (NASDAQ: NKLA) announced its acquisition of Romeo Power (NYSE: RMO) in an all-stock deal valued at $144 million, implying a 34% premium to Romeo's last closing price. This acquisition aims to enhance Nikola's battery pack engineering and manufacturing capabilities, with expected annual cost savings of up to $350 million by 2026. Romeo's facility in Cypress, California, will become Nikola's Battery Center of Excellence. The merger is anticipated to close by the end of October 2022.

Romeo Power (NYSE: RMO) has completed its relocation to a new 215,000 sq. ft. manufacturing center in Cypress, California, concluding the final phase of the move from Vernon, California. This transition, which involved moving testing labs and equipment, positions the company for enhanced production capabilities and operational efficiencies. CEO Susan Brennan noted the advantages of consolidating operations under one roof, aiming for expansion into marine and industrial markets. The new facility significantly increases production capacity by four times.

Romeo Power (NYSE: RMO) has launched its proprietary MATLAB Simulink-based Electro-Thermal Black Box (ETBB) Model, aimed at enhancing the adoption and performance of its Banyan Battery Modules among OEM customers. This simulation tool enables accurate predictions of battery performance, thereby reducing development costs and accelerating electrification. Additionally, the Aging Black Box Model assists in estimating battery lifecycle and optimizing usage. Romeo Power's innovations focus on effective thermal management and lifecycle assessments, crucial for the electric vehicle sector.

Romeo Power, Inc. (NYSE: RMO) has relocated to a new manufacturing facility in Cypress, California, enhancing its operations and capabilities. This state-of-the-art center will support the company's growth and improve the quality of its electrification solutions for commercial vehicle applications. The new facility is poised to accelerate time to market for battery pack development and expand its reach into the Industrial and Marine sectors, targeting new customer bases.

Romeo Power (NYSE: RMO) announces the delivery of commercial batteries to a leading integrator of Industrial/Off-Highway vehicles, marking significant progress in its development program. The company aims to support electrification in sectors such as agriculture and construction. CEO Susan Brennan highlighted the collaborative effort in optimizing battery systems for this emerging market. This follows Romeo's initial work in the Industrial sector, which began with testing packs shipped in 2021 and 2022. The company's innovative battery technology is positioned to drive value across various heavy equipment applications.

Romeo Power, Inc. (NYSE: RMO) has introduced a new Battery Integration Workshop aimed at Original Equipment Manufacturers (OEMs). This hands-on program, created by the company's experts, enhances customers' understanding of its battery technology and applications. The workshop reflects Romeo's commitment to supporting electrification processes and is tailored for individual OEM needs. CEO Susan Brennan highlighted the importance of empowering customers in the complex transition to electrification, establishing Romeo Power as a leader in the evolving commercial EV market.

Romeo Power (NYSE: RMO) has announced that shareholders can vote on key proposals in its Proxy filing before the Annual Meeting of Stockholders, rescheduled to June 30, 2022. Participation is encouraged to prevent further adjournments and ensure all voices are heard. Proposal 6, crucial for accessing capital to support ongoing operations, had an 84% approval rate but lacked sufficient individual votes for final approval. Stockholders must submit voting instructions by 11:59 PM ET on June 29, 2022, to ensure representation.

Romeo Power, Inc. (NYSE: RMO) has completed the second phase of its transition to a new manufacturing facility in Cypress, California. The company has moved all three production lines, enhancing operational efficiency and supporting growth. With a 215,000 square-foot space, it aims to double manufacturing capacity and improve product quality. The final phase of relocation is expected to wrap up in Q3 2022. CEO Susan Brennan highlighted the facility's strategic advantages, including proximity to Los Angeles, a diverse workforce, and advanced manufacturing capabilities.