Acquisition strengthens Nikola’s imaginative and prescient to pioneer options for a zero-emissions world
PHOENIX, Oct. 14, 2022 /PRNewswire/ — Nikola Corporation (Nasdaq: NKLA) (“Nikola”), a supplier of zero-emissions transportation and vitality infrastructure options, immediately introduced the completion of its acquisition of Romeo Power, Inc. (“Romeo”).
“We are pleased to complete the acquisition of Romeo and look forward to executing on the opportunities ahead,” stated 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 accomplished the acquisition of Romeo immediately by way of 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 frequent inventory of Romeo not bought within the trade supply (apart from any shares owned by Nikola, Romeo or any of their respective subsidiaries) was transformed into the fitting to obtain the identical 0.1186 of a share of Nikola frequent inventory, rounded right down to the closest complete share, topic to discount for any relevant withholding taxes, paid within the trade supply. Upon completion of the transaction, Romeo grew to become a wholly-owned subsidiary of Nikola.
As a consequence of the acquisition, shares of frequent inventory of Romeo ceased buying and selling as of the shut of the market on October 14, 2022 and can now not be listed on the New York Stock Exchange.
About Nikola Corporation
Nikola Corporation is a designer and producer of zero-emission battery-electric and hydrogen-electric autos, electrical car drivetrains, car elements, vitality storage programs, and hydrogen station infrastructure. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona.
Forward-Looking Statements
This press launch incorporates forward-looking statements inside the that means of federal securities legal guidelines, together with statements regarding Nikola’s expectations relating to the potential advantages of the acquisition to Nikola and its prospects. These forward-looking statements typically are recognized by phrases comparable to “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and comparable expressions. Forward-looking statements are predictions, projections and different statements about future occasions which might be primarily based on present expectations and assumptions and, in consequence, are topic to dangers and uncertainties. Many components may trigger precise future occasions to vary materially from the forward-looking statements on this press launch, together with however not restricted: Nikola’s skill to efficiently combine Romeo’s battery pack manufacturing into its business; Nikola’s skill to understand anticipated synergies; the flexibility to understand the anticipated advantages of the acquisition, together with the likelihood that the anticipated advantages from the acquisition won’t be realized or won’t be realized inside the anticipated time interval; the danger that the acquisition could make diver administration consideration; the danger that the acquisition could make it tougher to keep up business and operational relationships; the potential unfavorable results of the consummation of the acquisition in the marketplace worth of Nikola’s frequent inventory or on its business or working outcomes; the danger of litigation or regulatory actions associated to the acquisition or Romeo’s business; the impact of the acquisition on Romeo’s business relationships, working outcomes, and business typically; dangers regarding vital transaction prices or recognized or unknown liabilities; dangers related to third get together contracts containing consent or different provisions which may be triggered by the acquisition; and the flexibility of Nikola to retain and rent key personnel.
SOURCE Nikola Corporation
