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Lordstown Motors Corp. goes public

By Mahoning Matters staff
The Lordstown Motors Corp. website was updated Thursday with vehicle concept art, confirms "the home of Lordstown Motors Corporation is the previously idled GM Lordstown Complex." (provided)
The Lordstown Motors Corp. website was updated Thursday with vehicle concept art, confirms "the home of Lordstown Motors Corporation is the previously idled GM Lordstown Complex." (provided)

LORDSTOWN — Lordstown Motors Corp. will be a publicly listed company, CEO Steve Burns announced Monday morning on Twitter.

The electric truck company has entered into a definitive agreement with DiamondPeak Holdings Corp., a special purpose acquisition company.

Upon closing, the combined company will be listed on NASDAQ under the new ticker symbol "RIDE," according to a news release.

The transaction includes a $500 million fully committed PIPE, which includes $75 million of investments by General Motors in addition to investments from institutional investors, including Fidelity Management & Research Company LLC, Wellington Management Company LLP, Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock, among others

"The financing that comes with being publicly listed is the last piece we needed as we march [toward] production," Burns said in a video the company tweeted.

The Endurance electric pick-up truck was unveiled June 24 and will be available in 2021.

This story was originally published August 3, 2020 at 9:50 AM with the headline "Lordstown Motors Corp. goes public."