Lordstown Motors goes public via merger with DiamondPeak
Merger brings in an injection of cash to get production lines going for the fleet-focused electric pickup truck
The era of electric pickup trucks is upon us, with brands coming from every direction to throw their hat into the ring. While other EV startups such as Rivian, Nikola, and Fisker have had the benefit of a cash injection, Lordstown Motors hasn’t been so lucky, but that’s all about to change thanks to a massive merger.
Lordstown Motors will merge with DiamondPeak in ‘Blank Cheque’ style, which means that a company that’s already listed on NASDAQ has invested to add value. This type of merger will allow Lordstown to open up to public investment as quickly as possible.
“We are thrilled with the opportunity to build Lordstown Motors into a top-tier electric truck company that is highly differentiated from the competition,” said Steve Burns, CEO of Lordstown Motors.
27,000 pre-orders have already been made for the truck, which translates into US$1.4 billion of actual sales. According to Burns, his plan for the Endurance is to offer an affordable and efficient alternative for fleet buyers, leaving other brands to fight over the same space in the retail scene.