Lordstown Motors to go public, trade on Nasdaq

Daniel Fowler
August 5, 2020

Shares of DiamondPeak Holdings, a special objective acquisition company, jumped more than 20% during premarket trading on Monday after the company announced that it will merge with electric vehicle company Lordstown Motors.

DiamondPeak Holdings Corp. (NASDAQ:DPHC) is committing a total of $675 million from its 2019 initial public offering and a private investment in public equity (PIPE) to fund production of LMC's Endurance electric pickup truck.

Lordstown Motors is an offshoot of Burns' other company, Workhorse Group, a battery-electric transportation technology company that is also a publicly traded company.

The company said it has more than 27,000 pre-orders, representing more than $1.4 billion in potential revenue, for what it says will be the first full-size electric pickup truck to serve the commercial fleet market. Lordstown says the deal should be completed by the fourth quarter of 2020. In February, Lordstown received its first large order for the Endurance.

The company said the truck is aimed at the USA commercial fleet market, with initial production expected in the second half of 2021.

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The Ohio company will follow in the footsteps of fellow EV startups Nikola and Fisker by merging with a special goal acquisition company whose shares are already publicly traded, in this case DiamondPeak Holdings Corp. which is listed on Nasdaq. "Further, this design means that the Endurance has just four moving parts in the drivetrain, as compared to more than 2,000 in vehicles utilizing a traditional internal combustion engine".

The plant is estimated to be able to produce more than 600,000 electric vehicles annually.

Yet GM was quick to shut down the factory, which last built the Chevy Cruze, and sell it off rather than retool it for electric vehicles. When the GM plant shut for good, Trump angrily tweeted: "I am not happy that it is closed when everything else in our country is booming".

The big picture: Lordstown is one of several electric vehicle companies to use a SPAC to raise money and go public.

Bloomberg reported that DiamondPeak is controlled by Hamamoto, a former executive at Northstar Realty, and Mark A. Walsh, a former real estate banker at Lehman Brothers and now a partner at investment fund Silverpeak.

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