LORDSTOWN — Lordstown Motors Corp. is set to finalize its merger with DiamondPeak Holdings Corp. during a special stockholders meeting Oct. 22, according to a release from the company.
The deal's closure is subject to approval from DiamondPeak's stockholders and satisfaction of other closing procedures, according to the release.
If approved, Lordstown Motors, the electric pickup truck maker now headquartered in the former General Motors Lordstown Assembly Complex, would become a publicly traded company on the NASDAQ, under the ticker symbol "RIDE."
Lordstown Motors in August announced it would merge with DiamondPeak (NASDAQ: DPHC), a special purpose acquisition company. SPACs, often called "blank check companies," are shell companies created to raise enough capital to first become publicly traded, then merge with other businesses.
Lordstown Motors executives told reporters in November — the day they got the keys to GM's 6.2-million-square-foot Lordstown plant — the startup would need upwards of $300 million to get to production.
In a video statement released by the company in August, Lordstown Motors CEO Steve Burns said DiamondPeak’s SPAC financing was “the last piece we needed” to reach the company's goal of putting its first vehicle, the all-electric Endurance pickup truck, into production in 2021.
Lordstown Motors’ deal included a $500 million private investment in public equity — or PIPE — $75 million of which is reported as in-kind contributions already provided by General Motors Corp. About $675 million in cash proceeds from the transaction will be used to get the Endurance to production next year.