GM - Why DiamondPeak Holdings' Stock Is Charging Higher Today
Shares of DiamondPeak Holdings (NASDAQ: DPHC) were surging on Monday morning after the company announced that it will merge with electric-pickup start-up Lordstown Motors in a deal that will take Lordstown public.
As of 10:30 a.m. EDT today, DiamondPeak's shares were up about 11.1% from Friday's closing price.
DiamondPeak is a special-purpose acquisition company, or SPAC, a type of company created specifically to acquire (or merge) with one or more other companies. SPACs are sometimes referred to as "shell companies" and generally have no ongoing revenue-producing businesses of their own.