Romeo Power SPAC Merger: 13 Things to Know About RMO Stock as It Starts Trading Today

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.

an electric vehicle (EV) at a charging station representing EV stocks

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Here’s what investors need to know 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.


Article printed from InvestorPlace Media, https://investorplace.com/2020/12/romeo-power-spac-merger-13-things-to-know-about-rmo-stock-as-it-starts-trading-today/.

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