Electric vehicle maker Lordstown Motors has entered into a definitive merger agreement with special purpose acquisition company DiamondPeak Holdings Corp. (DPHC.U).
The deal involves a value of $ 1.6 billion for Lordstown and $ 675 million of the proceeds will be used to find production of the Endurance model.
Lordstown Endurance will be the first full-size electric pickup truck designed to service the U.S. commercial fleet market with initial production slated for the second half of 2021.
After the transaction closes, the name of the amalgamated company will be Lordstown Motors Corp. and the shares will trade under the symbol RIDE.
As a reminder, Nikola’s (NASDAQ: NKLA) The PSPC deal has generated enormous interest from investors.
Workaholic (NASDAQ: WKHS), which owns a 10% stake in Lordstown, is up 5.40% in pre-marketing action.
Source: Press release