{"id":406316,"date":"2020-12-29T16:04:20","date_gmt":"2020-12-29T21:04:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=406316"},"modified":"2020-12-29T16:04:20","modified_gmt":"2020-12-29T21:04:20","slug":"romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\/","title":{"rendered":"Romeo Power and RMG Acquisition Corp. Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Romeo Power and RMG Acquisition Corp. Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nRomeo Systems, Inc. (\u201cRomeo Power\u201d), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced today that it has completed its business combination (\u201cBusiness Combination\u201d) with RMG Acquisition Corp. (\u201cRMG\u201d) (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\u2019s shares of common stock will trade on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cRMO\u201d and its warrants will trade on the NYSE under the ticker symbol \u201cRMO.WT\u201d.\n<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20201229005422\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201229005422\/en\/<\/a><\/p>\n<p>\nThe 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\u2019s continued growth and innovation, infrastructure and R&amp;D investments.\n<\/p>\n<p>\n\u201cWe are very excited about completing our merger with RMG,\u201d remarked Lionel Selwood, Jr., Chief Executive Officer of Romeo Power. \u201cAt this inflection point where regulation is driving electrification across the commercial vehicle industry and adjacent sectors, Romeo Power\u2019s energy technology is ready to meet the demand.\u201d\n<\/p>\n<p>\n\u201cToday marks a big milestone for Romeo Power and RMG,\u201d commented Robert Mancini, Chief Executive Officer of RMG. \u201cWe spent significant time and evaluated hundreds of companies before selecting Romeo Power for this transaction. Romeo Power\u2019s innovative technology and strong partnerships solidify its position as a market leader, and we look forward to working with them.\u201d\n<\/p>\n<p>\nWith 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.\n<\/p>\n<p>\nFurthermore, 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.\n<\/p>\n<p>\nGoldman Sachs &amp; Co. LLC served as exclusive financial advisor, and Paul Hastings LLP served as legal advisor to Romeo Power. Morgan Stanley &amp; Co. LLC served as lead financial advisor, Nomura Greentech Capital Advisors, LLC served as financial advisor, and Latham &amp; Watkins LLP served as legal advisor to RMG. Morgan Stanley &amp; Co. LLC also served as sole placement agent to RMG on the PIPE offering. Davis Polk &amp; Wardwell LLP served as legal advisor to Morgan Stanley &amp; Co. LLC.\n<\/p>\n<p>\nFor more information, please reference RMG and Romeo Power\u2019s proxy statement\/consent solicitation statement\/prospectus filed with the Securities and Exchange Commission.\n<\/p>\n<p><b>About Romeo Power, Inc.<\/b><\/p>\n<p>\nRomeo 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\u2019s 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 \u201cRMO.\u201d For additional information on Romeo Power, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fromeopower.com&amp;esheet=52354489&amp;newsitemid=20201229005422&amp;lan=en-US&amp;anchor=https%3A%2F%2Fromeopower.com&amp;index=1&amp;md5=4fc27e89598fd27269065e2dbbf0f233\">https:\/\/romeopower.com<\/a><\/p>\n<p><b>About RMG Acquisition Corp.<\/b><\/p>\n<p>\nRMG 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\u2019s team includes top level executives from Goldman Sachs, Carlyle Group, Cogentrix Energy, Deloitte &amp; Touch\u00e9, Access Industries, Calpine Corporation and Riverside Management Group.\n<\/p>\n<p><b>Forward Looking Statements<\/b><\/p>\n<p>\nCertain statements in this press release may constitute \u201cforward looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words \u201cestimates,\u201d \u201cprojected,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cforecasts,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cfuture,\u201d \u201cpropose\u201d 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\u2019s management\u2019s 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\u2019s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power\u2019s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power\u2019s products; the success of other competing technologies that may become available; Romeo Power\u2019s ability to identify and integrate acquisitions; the performance of Romeo Power\u2019s 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\u2019s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the \u201cRisk Factors\u201d 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.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201229005422r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201229005422\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201229005422\/en\/<\/a><\/span><\/p>\n<p><b>Romeo Power<\/b><\/p>\n<p><b>For Investors<br \/>\n<\/b><br \/>ICR, Inc.<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:RomeoPowerIR@icrinc.com\">RomeoPowerIR@icrinc.com<\/a><\/p>\n<p><b>For Media<br \/>\n<\/b><br \/>ICR, Inc.<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:RomeoPowerPR@icrinc.com\">RomeoPowerPR@icrinc.com<\/a><\/p>\n<p><b>RMG Acquisition Corp.<br \/>\n<\/b><br \/>Philip Kassin<br \/>\n<br \/>Chief Operating Officer<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:pkassin@rmginvestments.com\">pkassin@rmginvestments.com<br \/>\n<\/a><br \/>212-785-2579\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America California<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Other Energy Alternative Energy Alternative Vehicles\/Fuels General Automotive Energy Automotive Other Manufacturing Environment Other Transport Trucking Transport Automotive Manufacturing Manufacturing<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201229005422\/en\/849403\/3\/Romeo_Power_logo_-_NEW.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201229005422\/en\/849404\/3\/RMG_ACQ_LOGO.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Romeo Power and RMG Acquisition Corp. Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020 LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; Romeo Systems, Inc. (\u201cRomeo Power\u201d), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced today that it has completed its business combination (\u201cBusiness Combination\u201d) with RMG Acquisition Corp. (\u201cRMG\u201d) (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\u2019s shares of common stock will trade on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cRMO\u201d and its warrants will &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Romeo Power and RMG Acquisition Corp. Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-406316","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Romeo Power and RMG Acquisition Corp. 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Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020 LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; Romeo Systems, Inc. (\u201cRomeo Power\u201d), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced today that it has completed its business combination (\u201cBusiness Combination\u201d) with RMG Acquisition Corp. (\u201cRMG\u201d) (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\u2019s shares of common stock will trade on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cRMO\u201d and its warrants will &hellip; Continue reading &quot;Romeo Power and RMG Acquisition Corp. 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Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020\",\"datePublished\":\"2020-12-29T21:04:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\\\/\"},\"wordCount\":1236,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20201229005422r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\\\/\",\"name\":\"Romeo Power and RMG Acquisition Corp. 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Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020 - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\/","og_locale":"en_US","og_type":"article","og_title":"Romeo Power and RMG Acquisition Corp. Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020 - Market Newsdesk","og_description":"Romeo Power and RMG Acquisition Corp. Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020 LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; Romeo Systems, Inc. (\u201cRomeo Power\u201d), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced today that it has completed its business combination (\u201cBusiness Combination\u201d) with RMG Acquisition Corp. (\u201cRMG\u201d) (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\u2019s shares of common stock will trade on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cRMO\u201d and its warrants will &hellip; Continue reading \"Romeo Power and RMG Acquisition Corp. Announce Closing of Business Combination; Romeo Power to Trade on NYSE Under Ticker \u201cRMO\u201d as of December 30, 2020\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-29T21:04:20+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201229005422r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/romeo-power-and-rmg-acquisition-corp-announce-closing-of-business-combination-romeo-power-to-trade-on-nyse-under-ticker-rmo-as-of-december-30-2020\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Romeo Power and RMG Acquisition Corp. 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