RMG Acquisition (NYSE: RMG), a special purpose acquisition company (SPAC) announced today at an extraordinary general meeting of shareholders, that the Company’s shareholders voted in favor of, among other things, the proposal to authorize and approve the execution, delivery and closing of the previously announced agreement and plan of merger, with Romeo Systems.
Romeo Systems is a south-California-based maker of lithium-ion batteries for big trucks, buses and luxury EVs. Upon merger, the combined company will still remain listed on the NYSE but under the new ticker symbol “RMO”.
Romeo System also known as Romeo Power will raise $384M through this business combination, and will mostly use these funds “for capacity expansion and R&D to further develop the next generation of battery system technologies for commercial vehicles”.
RMG stock is up more than 300% since October 5th, following announcement of a definitive agreement for a business combination with Romeo Power. On Monday, RMG stock is up 10% during the pre-market session.