RMGB Stock: 12 Things to Know About RMG II and the ReNew Power SPAC Merger

RMG Acquisition Corporation II (NASDAQ:RMGB) stock is on its way up Wednesday after announcing plans for a special purpose acquisition company (SPAC) merger with ReNew Power.

Here’s everything investors need to know about RMGB and its SPAC merger deal with ReNew Power.

  • RMG II is a blank-check company created to take a private company public via a SPAC merger.
  • It went public late last year through an initial public offering (IPO) that raised $345 million.
  • The company is sponsored and led by management team Jim Carpenter, Bob Mancini, and Phil Kassin.
  • ReNew Power is India’s leading renewable energy independent power producer (IPP) in terms of capacity.
  • The company is also the 12th largest global IPP by generation capacity.
  • RMG II’s SPAC merger with ReNew Power values the combined company at $4.4 billion.
  • It will also provide it with $1.2 billion in gross cash proceeds.
  • This comes from the $345 million raised by RMBG during its IPO and an $855 million private investment in public equity (PIPE).
  • When the deal closes, ReNew Power’s Board of Directors will include a mix of its own members and those from the RMG II Board.
  • The deal needs to complete customary closing conditions before it is complete.
  • That includes getting approval from shareholders and regulators.
  • So long as there are no issues in doing this, the two companies expect the SPAC merger to close in the second quarter of 2021.

RMGB stock was up 3.8% as of Wednesday afternoon.

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/2021/02/rmgb-stock-12-things-to-know-about-rmg-ii-and-the-renew-power-spac-merger/.

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