Battery maker Romeo’s backers lend ‘credence’ to its business, analyst says

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Romeo Power has “strong strategic backers … lending credence to their tech,” analysts at Evercore ISI said in a note to clients Wednesday. Romeo is one of the latest electric-vehicle companies to aim to go public through a merger with a “blank check” company, or a special-purpose acquisition corporation, that have upended the traditional IPO market this year. “The summer SPAC-tacle shows no signs of ending,” the analysts said. Backers include BogWarner Inc. , which has a joint venture with Romeo. Romeo and blank-check RMG Acquisition Corp. announced their merger on Monday, When the deal closes, Romeo Power Inc. will become a publicly listed company expected to list its shares on the New York Stock Exchange and trade under the ticker RMO. The deal valued Romeo at about $1.3 billion and is expected to close by the end of the year. Romeo designs and makes lithium-ion battery modules and packs for commercial electric trucks and buses.
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