Romeo Power, Inc. Requests Investors to Vote on Proposals at Annual Meeting of Stockholders

Rhea-AI Summary

Romeo Power (NYSE: RMO) is urging shareholders to vote on proxy proposals before the Annual Meeting of Stockholders, rescheduled from June 14 to June 30, 2022. A majority of votes favor all proposals, but Proposal 6 lacked sufficient individual votes despite an 84% approval rate. This proposal is crucial for securing capital to support ongoing operations and initiatives, such as relocating to a new facility to enhance manufacturing capacity. Shareholders' participation is vital to avoid costly adjournments and ensure their voices are heard.

Positive

• Strong 84% approval rate for Proposal 6 indicates general support among shareholders.
• Initiatives like moving to a new facility aim to boost manufacturing efficiency and market expansion.

Negative

• Proposal 6 failed to secure the necessary individual votes for approval despite high support.
• Dependence on shareholder participation highlights potential governance vulnerabilities.

LOS ANGELES--(BUSINESS WIRE)-- Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, is requesting that shareholders vote on the proposals contained within its Proxy filing prior to the Annual Meeting of Stockholders.

The Annual Meeting of Stockholders was originally scheduled for June 14, 2022, but was adjourned until June 30, 2022 to allow stockholders additional time to vote. Romeo Power is encouraging participation from all investors, big and small, in the voting process. Each shareholder’s participation helps the Company avoid costly additional adjournments and solicitations. Participation also ensures that your voice is heard on critical matters.

“We remain steadfast in our commitment to driving continuous growth for Romeo Power and its shareholders. This includes initiatives such as the relocation to our new Cypress facility to add more efficient manufacturing capacity and laboratory space, as well as the increased opportunity for expansion into new markets where our vehicle electrification capabilities are highly valued. Each of these initiatives have the ability to both grow and create value for Romeo Power and its shareholders. As we continue progressing our Company alongside the electrification of the broader market, we require your support on Proposal 6 to support both our future initiatives and current operations,” stated Susan Brennan, chief executive officer.

The items of which stockholders are being asked to vote on can be found in Romeo’s Proxy filing, available online under the SEC Filings section of the Company’s website at https://investors.romeopower.com/financials/sec-filings/default.aspx as well as in the Securities and Exchange Commission’s (SEC) EDGAR website at www.SEC.gov under the ticker symbol RMO. A majority of the votes received have been cast in favor of all proposals. However, while the approval rate for Proposal 6 was approximately 84% at the original Annual Meeting of Shareholders, there was not a sufficient quantity of individual votes cast necessary to approve Proposal 6, despite the significantly high approval rate. Romeo Power would like to emphasize the importance of Proposal 6 for the Company to continue to access necessary capital to fund its ongoing operations and pursue the key objectives to grow our business and drive value for shareholders.

In order for your vote to be represented, the Company must receive your voting instructions. For your convenience, please use any of the following methods to submit your vote:

1. By Internet - Follow the simple instructions on your proxy card.
2. By Touchtone - Call the toll-free number located on your proxy card and follow the simple instructions.
3. By Mail - Sign, Date, and Return the proxy card using the enclosed postage-paid envelope.

If possible, please use either of the first two options to ensure your vote is captured in time for the meeting. Even if it is past the indicated deadline, the Company asks you to please submit your vote.

If you have any questions, please call Okapi Partners, Romeo Power’s proxy solicitor, toll-free at 1-877-274-8654. Representatives are available Monday - Friday 9:00 am to 9:00 pm (ET) and Saturday, 10:00 am to 5:00 pm (ET). The Romeo Power team would like to thank shareholders for their time, participation, and continued support.

About Romeo Power, Inc.

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The Company’s suite of advanced battery electric products, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. To keep up with everything Romeo Power, please follow the Company on social media @romeopowerinc or visit www.romeopower.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, express or implied statements concerning Romeo Power’s ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power’s ability to produce and deliver such products on a commercial scale, and Romeo Power’s expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s ability to increase the scale and capacity of its manufacturing processes; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; Romeo Power’s potential need for and ability to secure additional capital; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those implied by our forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Source: Romeo Power Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220620005421/en/

For Investors:

Joe Caminiti or Ashley Gruenberg

Alpha IR Group

RMO@alpha-ir.com

312-445-2870

Source: Romeo Power, Inc.

FAQ

What is the date of the rescheduled Annual Meeting for Romeo Power (RMO)?

The Annual Meeting of Stockholders for Romeo Power (NYSE: RMO) has been rescheduled to June 30, 2022.

What is Proposal 6 about for Romeo Power (RMO)?

Proposal 6 is essential for Romeo Power to access necessary capital to fund ongoing operations and support key growth initiatives.

What was the approval rate for Proposal 6 during the original Annual Meeting for RMO?

Proposal 6 received an approval rate of approximately 84% during the original Annual Meeting.

Why is shareholder participation important for Romeo Power (RMO)?

Shareholder participation is crucial to avoid costly adjournments and ensure that their voices are heard on critical matters.