Electric vehicle startup Lordstown Motors going public via SPAC deal

Lordstown Motors has agreed to go public through a merger with blank-check company DiamondPeak Holdings in a deal that values the electric pickup truck startup at pro forma equity value of $1.6 billion, the companies said on Monday.

Lordstown has been working on a new full-size electric pickup truck called Endurance and past year hired Rich Schmidt, a former director of manufacturing at Tesla, as chief production officer.

The agreement marks the latest company - and electric automaker - to become a publicly traded company through a merger agreement with a SPAC, or blank check company.

Ohio-based Lordstown Motors

IPhones may soon be turned into payment terminals thanks to new acquisition
Also, if Apple conveys a strong item, people purchasing the iPhone for the first time wouldn't mind it either. The CEO also mentioned that he did not receive any questions on acquisition in the recent congress hearing.

The deal implies a $1.6B value for Lordstown and $675M of the proceeds will be used to find production of the Endurance model.

Lordstown Motors was originally owned by Workhorse, but it was eventually spun off as a separate company. Lordstown Motors acquired in November the 6.2 million-square-foot factory from GM.

General Motors invested $75 million in the deal, as the company looks to diversify its exposure to electric vehicle manufacturers following its investment in Rivian. Other institutional investors that joined included Fidelity Management & Research Company, Wellington Management Company, Federated Hermes Kaufmann Small Cap Fund and funds and accounts managed by BlackRock. "The team's vast experience and track-record in launching both traditional and electric vehicles, as well as the company's strong strategic relationships, provides Lordstown with a unique competitive advantage and positions the company to achieve its milestone of commencing production of the Endurance in the second half of 2021".

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