Romeo Power (NYSE:RMO) has completed its merger with special purpose acquisition company (SPAC) RMG Acquisition (NYSE:RMG) and RMO stock is trading publicly starting today.
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Here’s
about Romeo Power and its recent SPAC merger.
- The merger has it taking over RMG Acquisition while also changing RMG stock to RMO stock.
- It also valued the company at $900 million, which includes it raising an additional $394 million in funding.
- RMO says that it intends to use this money to fund the operations of its business, as well as R&D investments.
- Romeo Power is a manufacturing company focused on the creation of lithium-ion battery modules and packs.
- These battery packs are used in commercial electric vehicles (EVs).
- The company currently has $545 million in contracted revenues from its customers.
- It makes the battery packs at its 113,000 square-foot manufacturing facility in Los Angeles, Calif.
- RMO stock got a strong start this morning with some 3 million shares having changed hands as of this writing.
- Choosing now to go public also makes sense for Romeo Power as EV companies have been performing well of late.
- That’s connected to incoming Preside Joe Biden, whose focuses include green energy.
- Romeo Power is still a fairly new company having only been founded in 2016.
- It’s led by president and CEO Lionel E. Selwood, Jr.
- Selwood only recently took on the CEO role but has been serving in various positions at RMO since 2016.
RMO stock was up 16.4% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
