Romeo Systems, Inc. (“Romeo Power”), an energy technology leader
delivering large-scale electrification solutions for complex
commercial applications, announced today that it has completed its
business combination (“Business Combination”) with RMG Acquisition
Corp. (“RMG”) (NYSE: RMG), a special purpose acquisition company.
The Business Combination was approved by RMG stockholders in a
special meeting held on December 28, 2020 and consummated on
December 29, 2020. Beginning on December 30, 2020, Romeo Power’s
shares of common stock will trade on the New York Stock Exchange
(“NYSE”) under the ticker symbol “RMO” and its warrants will trade
on the NYSE under the ticker symbol “RMO.WT”.
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The Business Combination valued Romeo Power at a $900 million
pre-money enterprise value and resulted in Romeo Power raising
approximately $394 million (prior to expenses) in additional equity
funding. Approximately 99.8% of RMG shareholders voting their
shares voted in favor of the Business Combination and no RMG
shareholders redeemed their RMG shares. The additional funds are
expected to support Romeo Power’s continued growth and innovation,
infrastructure and R&D investments.
“We are very excited about completing our merger with RMG,”
remarked Lionel Selwood, Jr., Chief Executive Officer of Romeo
Power. “At this inflection point where regulation is driving
electrification across the commercial vehicle industry and adjacent
sectors, Romeo Power’s energy technology is ready to meet the
demand.”
“Today marks a big milestone for Romeo Power and RMG,” commented
Robert Mancini, Chief Executive Officer of RMG. “We spent
significant time and evaluated hundreds of companies before
selecting Romeo Power for this transaction. Romeo Power’s
innovative technology and strong partnerships solidify its position
as a market leader, and we look forward to working with them.”
With more than $545 million in contracted revenues across its
diverse and growing set of customers, Romeo Power is delivering
simplified, electrification solutions for medium- and heavy-duty
commercial vehicles. The company designs and produces battery
management systems, modules and packs in house at its 113,000
square-foot manufacturing facility in Los Angeles, California.
Furthermore, Romeo Power has the support of key strategic
investors, including BorgWarner, a large, tier-one automotive
supplier with whom it has a joint venture, and Republic Services
and The Heritage Group, both leaders in the environmental,
recycling and waste removal industries.
Goldman Sachs & Co. LLC served as exclusive financial
advisor, and Paul Hastings LLP served as legal advisor to Romeo
Power. Morgan Stanley & Co. LLC served as lead financial
advisor, Nomura Greentech Capital Advisors, LLC served as financial
advisor, and Latham & Watkins LLP served as legal advisor to
RMG. Morgan Stanley & Co. LLC also served as sole placement
agent to RMG on the PIPE offering. Davis Polk & Wardwell LLP
served as legal advisor to Morgan Stanley & Co. LLC.
For more information, please reference RMG and Romeo Power’s
proxy statement/consent solicitation statement/prospectus filed
with the Securities and Exchange Commission.
About Romeo Power, Inc.
Romeo Power (NYSE: RMO), founded in 2016 in California by
Michael Patterson, is an industry-leading energy technology company
focused on designing and manufacturing lithium-ion battery modules
and packs for commercial electric vehicles. Through its energy
dense battery modules and packs, Romeo Power enables large-scale
sustainable transportation by delivering safer, longer lasting
batteries with shorter charge times. With greater energy density,
Romeo Power is able to create lightweight and efficient solutions
that deliver superior performance, and provide improved
acceleration, range, safety and durability. Romeo Power’s modules
and packs are customizable and scalable, and they are optimized by
its proprietary battery management system. The company has
approximately 100 employees and more than 60 battery-specific
engineers and a 113,000 square foot manufacturing facility in Los
Angeles, California with key battery development capabilities
performed in-house. On October 5, 2020, Romeo Power and RMG
Acquisition Corp. (NYSE: RMG), a special purpose acquisition
company, announced a definitive agreement for a business
combination that would result in Romeo Power becoming a publicly
listed company. The combined company now operates as Romeo Power,
Inc. and is listed on the NYSE under the ticker symbol “RMO.” For
additional information on Romeo Power, please visit
https://romeopower.com
About RMG Acquisition Corp.
RMG Acquisition Corp (NYSE: RMG) is a special purpose
acquisition company whose management and board has deep experience
in power, renewable energy, environmental services, energy
technology and corporate governance. RMG’s team includes top level
executives from Goldman Sachs, Carlyle Group, Cogentrix Energy,
Deloitte & Touché, Access Industries, Calpine Corporation and
Riverside Management Group.
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 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: the inability to recognize the anticipated
benefits of its business combination with RMG; 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
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; the
performance of Romeo Power’s products and customers; potential
litigation involving Romeo Power; 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 “Risk Factors” section of the definitive proxy
statement filed by RMG on December 10, 2020 and other documents
that the company files with the SEC in the future. 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.
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Romeo Power
For Investors ICR, Inc. RomeoPowerIR@icrinc.com
For Media ICR, Inc. RomeoPowerPR@icrinc.com
RMG Acquisition Corp. Philip Kassin Chief Operating
Officer pkassin@rmginvestments.com 212-785-2579
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