Nikola Acquires Romeo Power 2022 — Battery Pack Integration

Nikola Corporation announced its acquisition of Romeo Power, Inc. for $144 million in equity value, or $0.74 per share, representing a 34% premium to Romeo's closing price on July 29, 2022. The transaction brings battery pack engineering and production in-house, securing control of critical component supply while streamlining manufacturing and reducing costs. Nikola is providing $35 million in interim liquidity support through closing, expected by end of October 2022.