Lordstown shares calmed down a bit but still held onto most of those gains, rising about 8% to $ 19.30 a share in morning trading. The company has a market capitalization of $ 3.2 billion. It went public through a Special Purpose Acquisition Company, or SPAC, last month. Lordstown’s stock has been volatile since its IPO – ranging from $ 12.80 to $ 21.75 per share since October 26.
“We continue to make significant progress on all fronts, and we are delighted to reveal these developments with the investment community and future clients today,” said Steve Burns, CEO of Lordstown, in a statement.
Lordstown said Endurance deliveries are expected to begin in September 2021, with production ramping up fully throughout 2022. The company plans to produce 40 to 50 new prototype vehicles, or “beta” vehicles, from from early 2021. The trucks will be used for crash testing, engineering and validation, according to Lordstown.
The company said it was doubling its employees to 500 by the end of this year, followed by 1,500 by the end of 2021.
The Ohio-based Lordstown company is one of a growing group of electric vehicle start-ups going public under deals with PSPCs, which have become a popular way to raise funds on Wall Street because they have a more streamlined regulatory process than traditional initial public offerings. According to Goldman Sachs, SPAC stocks typically get a first hit after the deal is announced, but tend to underperform the broader market over the long term.