LORDSTOWN, Ohio (WOIO) - Lordstown Motors has announced a merger with DiamondPeak, meaning that it will now become a publicly listed company.
This also means the company secured the last bit of funding it needed to ramp up production and put the new fully electric “Endurance” pick up truck on the market.
The pick-up truck is set to launch in 2021.
Upon closing of the transaction, the combined company will be named Lordstown Motors Corp. and is expected to remain listed on the NASDAQ and trade under the new ticker symbol, “RIDE.”
According to the press release, the company secures $500 million fully committed PIPE (private investment in public equity), which includes $75 million of investments by General Motors in addition to investments from institutional investors.
Among those investors are Fidelity Management & Research Company LLC, Wellington Management Company LLP, Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock, among others.
The Lordstown Motors CEO, Steve Burns, took to Twitter to announce the merger and compliment the new Endurance electrical vehicle.
The company just recently released an ad during the last weekend in July to show off the new pick-up truck.
According to Lordstown Motors, the company has received seen 27,000 pre-orders since Jun 25, when the company originally unveiled the vehicle to the public.