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Electric light-duty truck manufacturer Lordstown Motors Corp will list its shares on the Nasdaq exchange after merging with the special purpose acquisition company DiamondPeak Holdings Corp (NASDAQ:DPHC), the companies said Monday.
What Happened: Lordstown is the maker of the Lordstown Endurance, an all-electric, full-size pickup truck that delivers the equivalent of 75 miles per gallon.
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The company bought the former General Motors Company (NYSE:GM) Lordstown Assembly Plant in 2019, which can produce more than 600,000 electric vehicles a year. Lordstown believes it is among the first electric vehicle makers to acquire a near production-ready plant.
As part of the merger agreement with the SPAC, the combined company will trade on the NASDAQ under the ticker "RIDE."
The company expects $675 million in gross proceeds and said it will allocate the cash toward the production of the Endurance truck.
The transaction includes a $500-million fully committed PIPE, including $75 million of investment by General Motors, along with a handful of institutional investors.
The pro forma implied equity value of the combined company is around $1.6 billion. The SPAC merger transaction is expected to close in the fourth quarter of 2020.
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Why It's Important: Lordstown introduced its Endurance truck over a month ago, and it has been met with "enthusiastic support," Lordstown CEO and founder Steve Burns said in a press release.
To date, the company has collected $1.4 billion in pre-orders.
"Our platform is rooted in sustainability, and the entire Lordstown team is committed to ensuring we contribute to a healthier planet for generations to come," the CEO said.
What's Next: The Lordstown Endurance is set to be the first full-size electric pickup truck with the U.S. commercial fleet market in mind, and initial production is expected in the bottom half of 2021.
DiamondPeak shares were trading 11.82% higher in Monday's premarket session.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.