Lordstown finalizes SPAC deal, begins buying and selling on NASDAQ

Lordstown Motors has accomplished its enterprise mixture with DiamondPeak Holdings, a particular function acquisition firm (SPAC). For these of you who haven’t been following the EV “inventory market frenzy,” a merger with a SPAC is the presently trendy approach for a startup firm to go public—it’s faster and includes much less paperwork than the normal IPO.

Lordstown Motors’ Class A shares will now commerce on the NASDAQ inventory change underneath the ticker image RIDE.

Lordstown unveiled the prototype of its Endurance pickup truck in June 2020, and it stays on tempo to start manufacturing within the second half of 2021. The Endurance, which is aimed on the business fleet market, makes use of an progressive in-wheel hub motor design.

In 2019, Common Motors sold its former auto plant in Lordstown, Ohio to the startup automaker, which grew out of the Workhorse Group, an EV builder that’s been round since 1998. The compelling story of a shuttered plant resurrected by the rising clear power financial system has attracted numerous constructive press protection.

GM is of course glad to see a few of its former staff discover new positions. “GM is worked up in regards to the progress Lordstown Motors is making, as a result of we imagine they’ll assist create extra good-paying jobs in Ohio and particularly within the Lordstown neighborhood,” mentioned an organization spokesperson. GM and LG Chem have introduced plans to speculate as much as $2.3 billion in a battery cell meeting plant within the space that some are actually calling Voltage Valley.

“Now we have a close to production-ready plant and roughly $675 million in proceeds from this transaction, which is greater than sufficient funding to get us via preliminary manufacturing,” mentioned Lordstown founder and CEO Steve Burns. “We stay up for combining our EV startup tradition with the infrastructure and property we have already got in place to be able to efficiently obtain our manufacturing milestones.”

Supply: Lordstown Motors