LORDSTOWN, Ohio (WKBN) – Lordstown Motors Corp. will be a publicly listed company following a merger with an acquisition company.
Lordstown Motors Corp. announced Monday that it has entered into a definitive agreement with DiamondPeak Holdings Corp. (“DiamondPeak”) (NASDAQ:DPHC), a special purpose acquisition company, for a business combination that would result in Lordstown becoming a publicly listed company.
“We are thrilled with the opportunity to build Lordstown Motors into a top-tier electric truck company that is highly differentiated from the competition,” said Lordstown Motors CEO Steve Burns. “We are uniquely positioned to be a leader in the industry, with our first vehicle, the revolutionary Lordstown Endurance.”
Since the unveiling of the Endurance all-electric pickup truck just over a month ago, the company has secured $1.4 billion of pre-orders, Burns said.
After closing the deal. the combined company will be named Lordstown Motors Corp. and is expected to remain listed on the NASDAQ and trade under the new ticker symbol, “RIDE.”
David Hamamoto, Chairman and chief executive officer of DiamondPeak, said they evaluated many companies over the past 12 months and Lordstown Motors stood out.
“Lordstown stood out as a differentiated, high growth company at the confluence of electric vehicles and light-duty trucks, two highly valuable areas of focus and tremendous opportunity in the automotive sector. Lordstown’s top-tier management team, led by Steve Burns, has captured a clear lane of customers in the fleet market,” Hamamoto said.
Lordstown unveiled the prototype of its flagship Endurance pickup truck on June 25. It has received 27,000 pre-orders.