DPHC - Lordstown Motors begins trading in latest debut for a SPAC-EV combination

October, 26 2020 12:22 PM Lordstown Motors Corp Cl A

Lordstown Motors (RIDE) has seen some bouncy trading on its first day of action on the Nasdaq after closing the reverse merger with DiamondPeak Holdings Corp. (DPHC). Shares of RIDE jumped to as high as $20.35 early in the session before falling back to $18.80 at last check. Lordstown is expected to receive about $675M of gross proceeds from the SPAQ deal, which it plans to use for production of the Endurance truck.The company says it has secured 40K preorders for the truck already, with deliveries targeted to begin late summer of 2021. Looking further down the road, Lordstown expects to achieve breakeven or better operational earnings margins in 2022 and top 10% margins by 2024. On tap next in the EV-SPAQ world is the shareholder vote at Spartan Energy Acquisition (SPAQ) on Wednesday. SPAQ was one of the stocks listed in Seeking Alpha's Catalyst Watch.

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Lordstown Motors begins trading in latest debut for a SPAC-EV combination

Company Name:	Lordstown Motors Corp Cl A
Stock Symbol:	DPHC
Market:	NASDAQ

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