Following its merger with DiamondPeak Holdings Corp, Lordstown Motors has started trading on the NASDAQ under the ticker symbol ‘RIDE’ today, October 26.
The reverse merger was first announced back in August and comes on the back of other electric vehicle reserve mergers to have taken place this year, including the ones of Nikola and Fisker. It is hoped that, by going public, Lordstown will have the funds necessary to build its Endurance pickup truck.
“We are proud of this momentous occasion,” founder and chief executive of Lordstown Motors, Steve Burns said in a statement. “Electrification of the automotive industry is at an inflection point, and this transaction helps us play our part in this transformation. At Lordstown, we have built a differentiated company, and we look forward to combining our EV startup culture with the infrastructure and assets we already have in place in order to successfully achieve our production milestones. We have a near production-ready plant and approximately $675 million in proceeds from this transaction, which is more than enough funding to get us through initial production.”
Lordstown unveiled a pre-production prototype of the Endurance in June. The pickup is aimed at commercial users and features four in-wheel motors that produce a combined 600 hp. Lordstown says the truck will be able to hit 60 mph (96 km/h) in 5.5 seconds and travel more than 250 miles (402 km) on a single charge. Prices will start at a relatively reasonable $52,500.
“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,” chairman and chief executive of DiamondPeak, David Hamamoto, added. “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.”