Lordstown Motors Corp, a U.S. maker of electric light duty trucks, and DiamondPeak Holdings Corp, a special purpose acquisition company, have announced they have entered into a merger agreement. The business combination will result in Lordstown becoming a publicly listed company.
Upon closing of the transaction, the combined company will be listed on the NASDAQ.
Lordstown says the merger will drive the development and commercialization of its all-electric pickup truck, the Lordstown Endurance. The business combination values Lordstown at an implied $1.6 billion.
Steve Burns, Founder and Chief Executive Officer of Lordstown, says, “We are thrilled with the opportunity to build Lordstown Motors into a top-tier electric truck company that is highly differentiated from the competition. We are uniquely positioned to be a leader in the industry, with our first vehicle, the revolutionary Lordstown Endurance. Our all-electric full-size pickup truck delivers the equivalent of 75 miles per gallon and has been systematically engineered and competitively priced specifically for the large commercial fleet market, which includes companies in manufacturing, contracting, utilities, transportation and delivery, and agriculture, among others.”
He adds: “Since its unveiling just over a month ago, the Endurance has been met with enthusiastic support, and to date, we have secured $1.4 billion of pre-orders. Our platform is rooted in sustainability, and the entire Lordstown team is committed to ensuring we contribute to a healthier planet for generations to come.”
Lordstown unveiled the prototype of its flagship Endurance pickup truck on June 25, 2020, and to date, has received more than 27,000 pre-orders for the vehicle representing over $1.4 billion of potential revenue.