Lordstown Motors to hit stock market on Monday
Detroit — Electric vehicle startup Lordstown Motors Corp. has completed its business combination with DiamondPeak Holdings Corp., a special purpose acquisition company.
The business combination was approved by DiamondPeak stockholders in a special meeting Oct. 22. Beginning Monday, Lordstown Motors’ Class A shares will trade on the Nasdaq Global Select market under the ticker symbol “RIDE” and its warrants will trade on Nasdaq under the ticker symbol “RIDEW."
Lordstown Motors unveiled the prototype of its flagship Endurance pickup truck in June and plans to start production of it next summer for September 2021 delivery. The Endurance will be built at General Motors Co.'s former assembly plant in Lordstown, Ohio. The transaction generates $675 million in proceeds, which will enable the company to start production.