LOS ANGELES, CA: 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”.

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.

Source: romeopower