Diamond Peak Holdings Corp.

Reports: Justice Department investigating Lordstown Motors

The Justice Department is probing financially troubled Lordstown Motors Corp., according to several media reports Friday.

It is the latest blow to the company that plans to begin building battery-powered commercial pickup trucks this fall at a former General Motors plant in the northeast Ohio town from which it took its name and where GM built cars for 54 years.

Lordstown Motors (NASDAQ: RIDE), which began public trading last October following a merger with special purpose acquisition company...

https://www.freightwaves.com/news/reports-justice-department-investigating-lordstown-motors

Shift to reverse: Lordstown Motors backtracks (again) on electric pickup orders

Lordstown Motors Corp. (NASDAQ: RIDE) backtracked on statements by its president that the startup has confirmed orders for its Endurance commercial electric pickup truck, telling the Securities and Exchange Commission (SEC) the orders are solid but not bankable.

The reversal of comments by President Rich Schmidt on Tuesday came in the form of an 8-K filing with the SEC, which is already investigating earlier claims of allegedly inflated orders that contributed to the ouster of founder and CEO...

https://www.freightwaves.com/news/shift-to-reverse-lordstown-motors-backtracks-again-on-electric-pickup-orders

Top Lordstown Motors executives out as SPAC-backed startup teeters

The top two executives at Lordstown Motors Corp. (NASDAQ: RIDE) are out following an internal investigation that found some truth to short seller Hindenburg Research’s allegations of phony preorders for the company’s planned commercial electric pickup trucks.

The departures of founder CEO Steve Burn and Chief Financial Officer Julio Rodriguez followed last week’s “going concern” filing with the Securities and Exchange Commission that the startup may not survive the year without additional money...

https://www.freightwaves.com/news/top-lordstown-motors-executives-out-as-spac-backed-startup-teeters

Lightning strike: Lordstown Motors might not survive the year

Electric pickup truck startup Lordstown Motors Corp. (NASDAQ: RIDE) might not survive the  year unless it raises more money, the company said Tuesday, declaring it is in danger of remaining a “going concern.”

After a recent runup in its stock price on the fringe of a meme stock rally, Lordstown shares plummeted 16.2% in late trading Tuesday following the disclosure of amendments to its annual report filed with the Securities and Exchange Commission (SEC).

Since going public in a business...

https://www.freightwaves.com/news/lightning-strike-lordstown-motors-might-not-survive-the-year

News Analysis: Nikola tormentor Hindenburg Research opens fire on Lordstown Motors

Here we go again.

Almost six months to the day after its broadside alleging fraudulent business practices at startup Nikola Motors (NASDAQ: NKLA), short seller Hindenburg Research is firing on electric pickup truck startup Lordstown Motors Corp. (NASDAQ: RIDE). Similar claims. Different details.

Hindenburg was enormously successfully — and partially validated by Nikola’s own internal investigation finding that founder Trevor Milton misrepresented facts about Nikola’s technology and capabilities....

https://s29755.pcdn.co/news/news-analysis:-nikola-tormentor-opens-fire-on-lordstown-motors

SPAC shareholders approve Lordstown Motors reverse merger

Shareholders of a blank check company voted Thursday to approve a reverse merger that  provides startup Lordstown Motors Corp. (LMC) more money than it needs to build a commercial fleet-focused electric pickup truck at a former General Motors (NYSE: GM) car plant in Lordstown, Ohio.

The closing of the business combination between Diamond Peak Holdings Corp. (NASDAQ: DPHC) and LMC is expected Friday. The DPHC ticker will be replaced on Monday by the LMC ticker RIDE.

The deal went from announcement...

https://www.freightwaves.com/company-will-begin-ride-of-its-public-life-in-nasdaq-trading-on-monday

Lordstown Motors SPAC vote set amid unique business risks

Shareholders of a blank check company vote Oct. 22 on completing a reverse merger that would provide startup Lordstown Motors Corp. (LMC) twice as much money as it needs to retool a former General Motors plant to build a commercial fleet-focused electric pickup truck.

Diamond Peak Holdings Corp. (NASDAQ: DPHC) raised $780 million in an initial public offering (IPO) and through the sale of discounted shares. The full amount will transfer to LMC if the vote passes as expected. 

Since the proposed...

https://s29755.pcdn.co/news/lordstown-motors-spac-vote-set-amid-business-risks