Lordstown Motors

Lordstown Motors Starts Trading Monday on Nasdaq

LORDSTOWN, Ohio – Lordstown Motors Corp. will begin trading on the Nasdaq Global Select market Monday following its merger with DiamondPeak Holdings Corp.

Lordstown Motors’ Class A shares will trade under the symbol “RIDE” while warrants will trade under “RIDEW.”

“We are proud of this momentous occasion. Electrification of the automotive industry is at an inflection point, and this transaction helps us play our part in this transformation,” said founder and CEO Steve Burns in a statement. “At Lordstown, we have built a differentiated company, and we look forward to combining our EV startup culture with the infrastructure and assets we already have in place in order to successfully achieve our production milestones.”

Lordstown Motors unveiled its Endurance electric-powered pickup truck in June and plans on beginning commercial production in the second half of 2021. The company already has 40,000 preorders, it announced in September.

On Thursday, shareholders of special purpose acquisition company DiamondPeak voted to merge with Lordstown Motors.

“We are thrilled about the successful execution of this merger, which included a PIPE that is backed by General Motors and several long-term institutional investors, and we congratulate Lordstown on achieving this key milestone,” said DiamondPeak CEO and chairman David Hamamoto. “We look forward to our long-term partnership with Steve and the entire Lordstown team as they progress towards being first to market with an electric pickup truck for commercial fleets.”

When it was announced that the two companies would combine, the startup automaker also said it had received a $75 million investment from General Motors, from which Lordstown Motors bought the former Lordstown Assembly. The deal includes in kind contributions made prior to the announcement.

“GM is excited about the progress Lordstown Motors is making because we believe they will help create more good-paying jobs in Ohio and especially in the Lordstown community,” said General Motors in a company statement.

Goldman Sachs served as exclusive financial advisor and Sullivan & Cromwell LLP served as legal advisor to DiamondPeak. Goldman Sachs served as exclusive placement agent on the PIPE offering. Deutsche Bank served as additional capital markets advisor to DiamondPeak. BakerHostetler served as legal advisor to Lordstown Motors.

Copyright 2024 The Business Journal, Youngstown, Ohio.