Lordstown Motors, manufacturer of electric pickups, is publicly listed through a SPAC DiamondPeak buyout
Electric Commercial Vehicle Manufacturer Lordstown Motors Co. becomes a public company, as agreed to be acquired by a special purpose acquisition company (SPAC), or a blank check company DiamondPeak Holdings Corp. DPHC,
in a deal involving a $ 1.6 billion value for Lordstown. This caused DiamondPeak’s shares to increase by 17% in active premarket trading. The trading volume reached 790,000 shares, more than the daily average of around 110,000 shares. The combined company remains listed on the Nasdaq exchange, but the ticker symbol will change to “RIDE” from “DPHC” when the deal is completed, which is expected in the fourth quarter of 2020. Lordstown’s flagship Endurance pickup truck has over 27,000 pre-orders, representing more than $ 1.4 billion in potential revenue. DiamondPeak’s stock has been stable over the past year through Friday, as it rose 4.3% while the S&P 500 SPX,
has improved by 11.6%.