Shares of Lordstown Motors rise on first day of NASDAQ trading
Detroit — Shares of Lordstown Motors Corp. rose as much as 20% on their first day of trading Monday.
The stock, under RIDE on the NASDAQ index, closed at $18.97, down from the open price of $19.32, but up from the Friday close of $18.21, when Lordstown Motors announced it would be listed on Monday following a merger with DiamondPeak Holdings Corp., a special purpose acquisition company.
The stock peaked at $21.75 on Monday.
Lordstown Motors and DiamondPeak finalized a $1.6 billion merger agreement last week, allowing Lordstown to go public Monday.
The deal gives the truck maker the financing needed to start production next year of its electric Endurance truck at the former General Motors Co. Lordstown assembly plant in northeast Ohio. The merger provides $675 million of gross proceeds that will be used to fund production.