RMG Acquisition to merge with Romeo Systems in a $1.3bn deal.

RMG Acquisition, a special purpose acquisition company of a Riverside Management Group, a merchant banking boutique, agreed to merge with Romeo Systems in a $1.3bn deal. Upon closing of the transaction, the combined company will be named Romeo Power and is expected to remain listed on the NYSE and trade under the new ticker symbol “RMO”. “Romeo Power’s proprietary battery systems and patented technologies that we have developed over the last four years deliver differentiated energy density, safety, efficiency and cost savings. The need for an economically viable shift toward greener methods of transportation is evident, and we look forward to playing a critical role in the electrification of commercial vehicles globally," Lionel Selwood Jr., Romeo Power CEO. On December 28, 2020 business combination between RMG and Romeo Systems was approved by approximately 99.8% of the shares of RMG voted at the special meeting.