NKLA - Nikola turns positive on extension of exchange offer to acquire Romeo Power
- Nikola ( NASDAQ: NKLA ) has extended its exchange offer to purchase all outstanding shares of Romeo Power ( NYSE: RMO ) common stock until the end of Oct 12, 2022 from Sep 26 previously.
- The companies entered into a definitive agreement for this all-stock transaction on August 1, 2022, pursuant to which Romeo ( RMO ) stockholders will receive 0.1186 of a share of Nikola ( NKLA ) common stock for each Romeo share, representing an approximate 4.5% pro forma ownership of Nikola.
- As of midnight on Sep 26, ~70M Romeo ( RMO ) shares had been validly tendered and received, and not validly withdrawn, pursuant to the offer, representing ~37.65% of outstanding shares of Romeo common stock. For the offer to be completed, a minimum of 50.1% of outstanding Romeo common stock must be validly tendered.
- The new deadline to tender shares is midnight at the end of Oct 12, 2022.
- Shares of both Nikola ( NKLA ) and Romeo Power ( RMO ) were up over 4% at 9.45AM ET
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Nikola turns positive on extension of exchange offer to acquire Romeo Power