Nikola will acquire Romeo Power, a key supplier of battery packs for its trucks, in a $144 million all-stock transaction.
The deal is a lifeline for Romeo, which like Nikola is one of many companies in the EV space to have gone public via mergers with special-purpose acquisition companies. Romeo went public via a SPAC merger in late 2020, in a deal that valued the combined company at $900 million.
But Romeo had just $66.8 million in cash and equivalents remaining as of the end of the first quarter, after racking up over $250 million in losses. With its shares trading below $1 in recent weeks, and with interest rates rising, Romeo may have been running out of options to stay afloat.
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