Lordstown Motors Corp., makers of electric light-duty trucks, and DiamondPeak Holdings Corp., a special purpose acquisition company, announced they have entered into a definitive agreement for a business combination that would result in Lordstown becoming a publicly listed company.
Upon closing of the transaction, 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.”
The merger is expected to drive the development and commercialization of Lordstown’s all-electric pickup truck, the Lordstown Endurance.
In November 2019 Lordstown purchased the former General Motors Lordstown Assembly Plant, a 6.2 million square foot facility estimated to be capable of producing over 600,000 electric vehicles annually.
Lordstown unveiled the prototype of its flagship Endurance pickup truck on June 25, and to date, has received more than 27,000 pre-orders for the vehicle, primarily from commercial fleet customers, the company reports.
Holman Automotive’s fleet management division, ARI, has indicated “very strong initial interest” on behalf of its client portfolio, and its Auto Truck Group division is exploring the potential for on-the-production-line upfitting and modifications within the Lordstown manufacturing plant.
Steve Burns, founder and CEO of Lordstown, commented, “We are thrilled with the opportunity to build Lordstown Motors into a top-tier electric truck company that is highly differentiated from the competition.”
David Hamamoto, chairman and CEO of DiamondPeak, added, “We have evaluated hundreds of companies for more than a year and 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.”