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BREAKING | Lordstown Motors Corp. begins NASDAQ trading as ‘RIDE’ on Monday

By Mahoning Matters staff and Justin Dennis
Lordstown Motors’ new all-electric Endurance pickup truck was unveiled Thursday at the Lordstown plant. (William D. Lewis | Mahoning Matters)
Lordstown Motors’ new all-electric Endurance pickup truck was unveiled Thursday at the Lordstown plant. (William D. Lewis | Mahoning Matters)

LORDSTOWN — Lordstown Motors Corp. will "RIDE" the NASDAQ starting Monday, according to a Friday release from the company.

Lordstown Motors, which is developing what's believed to be the first all-electric pickup truck, has officially merged with DiamondPeak Holdings Corp. (NASDAQ: DPHC), a special purpose acquisition company, creating a new business combination approved by shareholders Thursday. The companies announced the merger in August.

On Monday, Lordstown Motors' Class A shares will trade on the NASDAQ Global Select market under the ticker symbol "RIDE" and its warrants will trade on the NASDAQ under the ticker symbol "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," Lordstown Motors CEO Steve Burns is quoted in a release. "At Lordstown, we have built a differentiated company, and we look forward to combining our [electric vehicle] startup culture with the infrastructure and assets we already have in place in order to successfully achieve our production milestones."

Lordstown Motors unveiled a prototype of its all-electric pickup truck, the Endurance, in June at its 6.2-million square-foot Hallock Young Road plant — the former General Motors Lordstown Assembly Complex. The Endurance runs on a "revolutionary" in-wheel hub motor design, according to the company.

The startup received $675 million through the DiamondPeak merger, the last thread of funding it needed to reach production by the second half of 2021, Burns said.

"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," DiamondPeak CEO David Hamamoto is quoted in the release. "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."

A General Motors spokesperson said: "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."

This story was originally published October 23, 2020 at 5:11 PM with the headline "BREAKING | Lordstown Motors Corp. begins NASDAQ trading as ‘RIDE’ on Monday."