Nikola Completes Acquisition of Romeo Power

Nikola Completes Acquisition of Romeo Power

Acquisition strengthens Nikola's vision to pioneer solutions for a zero-emissions world.

Nikola Corp., a provider of zero-emissions transportation and energy infrastructure solutions, has announced the completion of its acquisition of Romeo Power Inc. 

“We are pleased to complete the acquisition of Romeo and look forward to executing on the opportunities ahead,” said Michael Lohscheller, Nikola’s president. “The acquisition of Romeo will enhance Nikola’s capabilities, allowing us to vertically integrate in an effort to accelerate product development and improve performance for our customers. Today’s milestone further solidifies our commitment to transforming the transportation industry.”

Nikola completed the acquisition of Romeo through a second-step merger of a wholly owned subsidiary of Nikola with and into Romeo, in accordance with Section 251(h) of the General Corporation Law of the State of Delaware. Each remaining share of common stock of Romeo not purchased in the exchange offer (other than any shares owned by Nikola, Romeo or any of their respective subsidiaries) was converted into the right to receive the same 0.1186 of a share of Nikola common stock, rounded down to the nearest whole share, subject to reduction for any applicable withholding taxes, paid in the exchange offer. Upon completion of the transaction, Romeo became a wholly owned subsidiary of Nikola.

As a result of the acquisition, shares of common stock of Romeo ceased trading as of the close of the market on Oct. 14 and will no longer be listed on the New York Stock Exchange.

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