Romeo Power
EV batteriesUSA
🤝 Acquired
Peak $1.3 BillionToday
~-89%
from peak
- 🦄Became a unicorn2020
- 📈Peak valuation$1.3 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuation~$143M
Current status
Acquired by Nikola for ~$144M all-stock (Oct 2022) and delisted from the NYSE.
How it happened
Romeo Power designed and built lithium-ion battery packs for commercial electric vehicles, and went public via a SPAC merger with RMG Acquisition Corp in December 2020 at a pro-forma value of roughly $1.3B, riding the early-2021 EV-stock mania even higher. Production problems, customer losses and a deepening cash crunch crushed the stock. After Nikola provided emergency financing, it acquired Romeo in an all-stock deal worth about $144M, announced in August 2022 and completed that October, delisting Romeo from the NYSE for a fraction of its peak.
Source: CNBC / Electrek / SEC (~$1.3B pro-forma value via RMG Acquisition Corp SPAC, Dec 2020; cash crunch; Nikola all-stock acquisition ~$144M, announced Aug / closed Oct 2022)
