Startup electric pickup truck maker Lordstown Motors Corp. (LMC) will go public in a reverse merger that will bring it the much-needed cash to retool a former General Motors (NYSE: GM) car plant.
The deal with DiamondPeak Holdings Corp. (NASDAQ: DPHCU) will bring $675 million to LMC at a valuation of $1.6 billion. Assuming the merger closes in the fourth quarter, LMC will trade under the ticker symbol RIDE.
“We evaluated hundreds of companies for more than a year and Lordstown stood out as a...
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