May 21, 2024

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Romeo Electric power and RMG Acquisition Corp. Announce Closing of Organization Blend Romeo Electric power to Trade on NYSE Under Ticker “RMO” as of December 30, 2020

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LOS ANGELES–(Small business WIRE)–Romeo Methods, Inc. (“Romeo Power”), an power technologies chief providing substantial-scale electrification solutions for complex commercial purposes, introduced today that it has concluded its business combination (“Business Combination”) with RMG Acquisition Corp. (“RMG”) (NYSE: RMG), a special goal acquisition business. The Business enterprise Mixture was permitted by RMG stockholders in a particular meeting held on December 28, 2020 and consummated on December 29, 2020. Starting on December 30, 2020, Romeo Power’s shares of prevalent inventory will trade on the New York Stock Exchange (“NYSE”) underneath the ticker symbol “RMO” and its warrants will trade on the NYSE under the ticker image “RMO.WT”.

The Business Mixture valued Romeo Energy at a $900 million pre-cash company worth and resulted in Romeo Energy increasing around $394 million (prior to costs) in extra equity funding. Roughly 99.8% of RMG shareholders voting their shares voted in favor of the Business Blend and no RMG shareholders redeemed their RMG shares. The further funds are expected to assist Romeo Power’s ongoing development and innovation, infrastructure and R&D investments.

We are extremely fired up about finishing our merger with RMG,” remarked Lionel Selwood, Jr., Main Executive Officer of Romeo Power. “At this inflection stage in which regulation is driving electrification across the professional car or truck sector and adjacent sectors, Romeo Power’s strength engineering is completely ready to satisfy the demand from customers.”

Now marks a major milestone for Romeo Electric power and RMG,” commented Robert Mancini, Main Government Officer of RMG. “We expended substantial time and evaluated hundreds of businesses in advance of selecting Romeo Electrical power for this transaction. Romeo Power’s ground breaking engineering and sturdy partnerships solidify its situation as a marketplace chief, and we search ahead to operating with them.”

With far more than $545 million in contracted revenues across its various and developing established of customers, Romeo Electricity is providing simplified, electrification remedies for medium- and large-responsibility commercial vehicles. The company designs and creates battery administration devices, modules and packs in dwelling at its 113,000 square-foot manufacturing facility in Los Angeles, California.

Furthermore, Romeo Power has the aid of essential strategic investors, such as BorgWarner, a massive, tier-a single automotive provider with whom it has a joint venture, and Republic Solutions and The Heritage Team, the two leaders in the environmental, recycling and waste removing industries.

Goldman Sachs & Co. LLC served as exclusive fiscal advisor, and Paul Hastings LLP served as lawful advisor to Romeo Power. Morgan Stanley & Co. LLC served as direct economic advisor, Nomura Greentech Money Advisors, LLC served as monetary advisor, and Latham & Watkins LLP served as legal advisor to RMG. Morgan Stanley & Co. LLC also served as sole placement agent to RMG on the PIPE giving. Davis Polk & Wardwell LLP served as lawful advisor to Morgan Stanley & Co. LLC.

For far more facts, please reference RMG and Romeo Power’s proxy statement/consent solicitation assertion/prospectus submitted with the Securities and Trade Fee.

About Romeo Electrical power, Inc.

Romeo Electrical power (NYSE: RMO), founded in 2016 in California by Michael Patterson, is an market-foremost electricity technologies organization centered on planning and production lithium-ion battery modules and packs for commercial electrical motor vehicles. Through its power dense battery modules and packs, Romeo Electric power enables large-scale sustainable transportation by delivering safer, for a longer period long lasting batteries with shorter cost periods. With higher energy density, Romeo Ability is in a position to create light-weight and economical remedies that deliver remarkable efficiency, and supply improved acceleration, selection, protection and sturdiness. Romeo Power’s modules and packs are customizable and scalable, and they are optimized by its proprietary battery management system. The firm has around 100 staff and extra than 60 battery-distinct engineers and a 113,000 square foot manufacturing facility in Los Angeles, California with key battery improvement abilities performed in-home. On October 5, 2020, Romeo Energy and RMG Acquisition Corp. (NYSE: RMG), a particular reason acquisition company, introduced a definitive settlement for a organization blend that would consequence in Romeo Electricity getting a publicly outlined enterprise. The blended business now operates as Romeo Power, Inc. and is outlined on the NYSE under the ticker image “RMO.” For more data on Romeo Ability, make sure you check out https://romeopower.com

About RMG Acquisition Corp.

RMG Acquisition Corp (NYSE: RMG) is a specific goal acquisition organization whose administration and board has deep working experience in ability, renewable electricity, environmental solutions, strength technological know-how and corporate governance. RMG’s crew includes best level executives from Goldman Sachs, Carlyle Group, Cogentrix Strength, Deloitte & Touché, Entry Industries, Calpine Company and Riverside Administration Team.

Ahead Looking Statements

Specified statements in this push release might represent “forward hunting statements” in the indicating of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When applied in this press release, the phrases “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words and phrases or related expressions (or the detrimental versions of these types of words and phrases or expressions) are intended to detect ahead-searching statements. These forward-looking statements are not guarantees of upcoming functionality, situations or outcomes, and contain a variety of acknowledged and unfamiliar risks, uncertainties, assumptions and other critical aspects, several of which are outside the house Romeo Power’s management’s handle, that could induce genuine benefits or outcomes to differ materially from all those talked about in the ahead-on the lookout statements. Important variables, among some others, that may perhaps have an affect on genuine success or results contain: the incapacity to recognize the expected benefits of its enterprise combination with RMG Romeo Power’s capacity to execute on its ideas to build and current market new products and the timing of these improvement plans Romeo Power’s estimates of the size of the marketplaces for its products and solutions the price and degree of current market acceptance of Romeo Power’s solutions the good results of other competing systems that might grow to be out there Romeo Power’s capacity to determine and combine acquisitions the performance of Romeo Power’s items and clients possible litigation involving Romeo Power the likely consequences of COVID-19 and common economic and industry circumstances impacting demand for Romeo Power’s merchandise. You ought to thoroughly take into account the foregoing variables and the other dangers and uncertainties explained in the “Risk Factors” segment of the definitive proxy assertion filed by RMG on December 10, 2020 and other paperwork that the organization documents with the SEC in the long run. If any of these challenges materialize or our assumptions prove incorrect, actual benefits could vary materially from all those implied by our ahead-hunting statements. Ahead-wanting statements converse only as of the date they are built. Visitors are cautioned not to put undue reliance on forward-on the lookout statements, and Romeo Power undertakes no obligation to update or revise any ahead-on the lookout statements, no matter whether as a result of new data, potential gatherings or otherwise, apart from as expected by law.

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