Romeo Power (NYSE:RMO) stock is rocketing higher on Wednesday even without there being any news about the company.
Shares of RMO stock are seeing heavy trading today as investors boost the stock up higher. This has more than 6 million shares trading as of this writing. This should have the company surpassing its daily average trading volume of 7.58 million shares before the day ends.
So why exactly are investors taking such an interest in RMO stock today? It all has to do with Lion Electric.
Lion Electric CEO Marc Bédard is set for an interview tonight with Jim Cramer on Mad Money. The company creates electric vehicles (EVs) and specifically focuses on buses. It’s also preparing to go public via a merger with special purpose acquisition company (SPAC) Northern Genesis Acquisition (NYSE:NGA).
News of this interview has investors picking up RMO stock due to its connection with Lion Electric. The two companies announced a partnership back in November that has Romeo Power supplying it with battery packs to the EV company. The deal lasts for five years and RMO expects to generate $234 million in revenue from it.
Potential investors will also want to note that EV stocks, in general, are seeing a boost right now. That’s thanks to CES 2021 currently taking place and many companies revealing EV news at the event.
Another thing that’s worth noting about Romeo Power is that it’s still new to the public market. The company only started trading publicly at the end of December after completing its SPAC merger with RMG Acquisition.
RMO stock was up 18.2% as of noon Wednesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.