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DPHC - First Look: The SPAC Deal That Will Take Electric-Pickup Start-Up Lordstown Motors Public
Lordstown Motors Corp Cl A
Electric-pickup start-up Lordstown Motors is going public: The Ohio-based company said today it has agreed to a merger with DiamondPeak Holdings (NASDAQ: DPHC), a special-purpose acquisition company (or SPAC), in a deal that will provide it with the funding needed to put its electric pickup truck into production.
Lordstown, which owns a former General Motors (NYSE: GM) factory and counts GM among its investors, is planning to have its Endurance pickup truck in production by the end of 2021.