Nikola Motor Company
Source: Nikola Motor Company
Electric heavy truck maker Nikola said Thursday that its planned acquisition of battery-pack maker Romeo Power will now proceed, after Romeo Power shareholders agreed to tender just over half of the company’s outstanding shares.
In August, Nikola said it had agreed to acquire Romeo Power, a California-based maker of battery modules that has been struggling financially, for $144 million in stock. But the deal was contingent on a tender offer to Romeo shareholders: Investors had to “tender,” or exchange, at least half of Romeo’s shares outstanding by midnight Wednesday for the deal to proceed.
Nikola said that 93.16 million Romeo shares,…