LORDSTOWN, Ohio — Lordstown Motors Corp. has entered a definitive merger agreement with DiamondPeak Holdings Corp., which upon closing, will become a publicly listed company on NASDAQ under the new ticker symbol “RIDE.”
When finalized, approximately $675 million of gross proceeds will be used to fund the production of the Endurance, the first full-size electric pick-up truck designed to serve primarily commercial fleet.
“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,” said David Hamamoto, chairman and chief executive officer of Diamond Peak. “Lordstown’s top-tier management team, led by Steve Burns, has captured a clear lane of customers in the fleet market. The team’s vast experience and track-record in launching both traditional and electric vehicles, as well as the company’s strong strategic relationships, provides Lordstown with a unique competitive advantage and positions the company to achieve its milestone of commencing production of the Endurance in the second half of 2021.”
The transaction is expected to close in the fourth quarter of 2020.
In 2019, Lordstown purchased the former General Motors Lordstown Assembly Plant, a 6.2 million-square-foot facility estimated with the ability to produce in excess of 600,000 electric vehicles.
“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 Steve Burns, CEO of Lordstown.
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