Romeo Power, Inc. has been fully acquired by Nikola Corporation (Nasdaq: NKLA), a producer of zero-emission transportation and energy infrastructure solutions (“Romeo”).

The president of Nikola, Michael Lohscheller, said, “We are thrilled to have completed the acquisition of Romeo and look forward to acting on the prospects ahead.” “The acquisition of Romeo will strengthen Nikola’s capacities, enabling us to vertically integrate in an effort to hasten product development and better performance for our clients. The accomplishment of today strengthens our resolve to change the transportation sector.

Through a second-step merger of a Nikola wholly-owned subsidiary with and into Romeo, in line with Section 251(h) of the General Corporation Law of the State of Delaware, Nikola successfully completed the acquisition of Romeo today. Except for shares owned by Nikola, Romeo, or any of their respective subsidiaries, each outstanding share of Romeo common stock that was not exchanged was converted into the right to receive 0.1186 of a share of Nikola common stock, rounded to the nearest whole share, less any applicable withholding taxes, paid in the exchange offer. Following the transaction’s conclusion, Nikola acquired full ownership of Romeo.

Source: Prnewswire