Stapleton Named Assignee of Romeo Power
Published on July 6, 2023
Romeo Power, a battery-maker purchased by electric-truck maker Nikola (Nasdaq:NKLA) in October 2022, was transferred to assignee SG Service, an affiliate of Stapleton Group, Inc. in an Assignment for the Benefit of Creditors.
According to the Wall Street Journal, Nikola purchased Romeo Power in October 2022 to reduce bottlenecks in electric truck production. Struggling from high costs associated with growing its assembly line, Nikola decided to shed Romeo Power as a cost-cutting measure.