New SPACs Continue To Drive Electric Vehicle Market

 

October 5, 2020 -- InvestorsHub NewsWire -- via pennymillions -- The special purpose acquisition company (SPAC) end-run around the increasingly cumbersome traditional continues to drive investor enthusiasm for the electric vehicle (EV) market. EV battery maker Romeo Systems today announced going public through a SPAC merger.

Look for SPAC powered EV momentum to also reach OTC quoted EV companies. Alternet Systems (ALYI) saw its PPS soar in the August and September EV market surge from under a penny to over $0.05 on massive volume.  OTC quoted battery company, Bio Solar (BSRC), saw its PPS also soar from under a penny to over $0.04 on equally massive volume.

Reuters reported today:

“Romeo Systems Inc, a battery maker for electric vehicles, will go public through a merger with blank check company RMG Acquisition Corp in a $1.33 billion deal, the companies said on Monday.

The deal is expected to raise $384 million for Romeo, which includes an investment of $150 million from investors such as The Heritage Group and Republic Services.

Romeo will use the proceeds for capacity expansion and research & development to further develop battery system technologies for commercial vehicles, according to a statement.”

See full article - Reuters

Source: pennymillions