DiamondPeak Shareholders to Vote on Lordstown Motors Merger Oct. 22
LORDSTOWN, Ohio – DiamondPeak Holdings Corp. stockholders will meet remotely Oct. 22 to approve the proposed business combination with Lordstown Motors Corp., Lordstown Motors reported Thursday.
New York-based DiamondPeak, a special purpose acquisition company, and Lordstown Motors jointly announced in early August that they had entered into a definitive agreement for a combination with “an implied $1.6 billion pro forma equity value.”
Upon closing of the transaction, the combined company will be named Lordstown Motors Corp.
The closing of the proposed merger, which is subject to approval by DiamondPeak’s stockholders and the satisfaction of other customary closing conditions and is the final step towards Lordstown Motors being publicly traded as “RIDE” on the NASDAQ.
Based in General Motors’ former Lordstown Assembly Complex, Lordstown Motors is retooling the plant in anticipation of beginning production of its electric pickup truck, the Endurance, in the second half of 2021.
Copyright 2020 The Business Journal, Youngstown, Ohio.