EV battery maker Romeo Systems to go public through $1.33 bn merger deal

Romeo Systems Inc, a battery maker for electric vehicles, will go public through a merger with blank check company RMG Acquisition Corp in a $1.33 billion deal, the companies said on Monday.

The deal is expected to raise $384 million for Romeo, which includes an investment of $150 million from investors such as The Heritage Group and Republic Services.

Romeo will use the proceeds for capacity expansion and research & development to further develop battery system technologies for commercial vehicles, according to a statement.

After the deal closes, which is expected in the fourth quarter of 2020, the combined company will list on the New York Stock Exchange under the symbol “RMO”.