RMG is officially RMO. The EV battery Company has a price target of $40 following the merger.
“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 and growing set of customers, RMO 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.
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.
Price Target for RMG which is now RMO — Romeo Power $40.00
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. Analyst have speculated that RMO could climb beyond the initial $40 price target early into the new RMO ticker listing.
