What happened to DiamondPeak Holdings stock?
Special purpose acquisition company shareholders approved the reverse merger of Lordstown Motors Corp. and Diamond Peak Holdings Corp. … (NASDAQ: DPHC) and LMC is expected Friday. The DPHC ticker will be replaced on Monday by the LMC ticker RIDE.
What did DPHC become?
Accordingly, DiamondPeak’s Class A common shares and public warrants that traded under the symbols, DPHC and DPHC WS, will resume trading under the symbols, RIDE and RIDE WS, respectively. Moreover, the combined company will officially adopt the name Lordstown Motors Corp.
Who is DiamondPeak merging with?
(WKBN) – DiamondPeak Holdings Corp. announced Thursday that DiamondPeak stockholders approved a merger with Lordstown Motors. The vote was held during a special meeting of stockholders.
Who merged with Lordstown?
Lordstown went public in October via a merger with Mr. Hamamoto’s special purpose acquisition company, DiamondPeak Holdings. A Wall Street innovation, SPACs are all the rage, having raised more than $190 billion from investors since the start of 2020, according to SPACInsider.
Will DPHC stock become RIDE?
The combined company will remain listed on the Nasdaq exchange, but the ticker symbol will change to “RIDE” from “DPHC” when the deal is completed, which is expected in the fourth quarter of 2020.
Will DPHC become RIDE?
Electric vehicle (EV) manufacturer Lordstown Motors has completed its reverse merger with DiamondPeak Holdings Corp., a special purpose acquisition company, bringing in an additional $675 million to scale up production of its Endurance pickup truck. The NASDAQ ticker changed from DPHC to RIDE on Oct. 25.
Did GM sell the Lordstown plant?
Lordstown Motors purchased the 6.2 million square-foot massive facility in Lordstown, Ohio, in 2019 from General Motors, which ceased operations at the plant as part of a restructuring plan. … GM owns 7.5 million shares of Lordstown Class A common stock.
How much of Lordstown does workhorse own?
Workhorse WKHS, -3.44% , which makes electric “last mile” delivery vans and utility vehicles and is based in Cincinnati, said in its 10Q filing that it sold 11.9 million shares of Lordstown, or 72.1% of its stake, between July 1 and Aug. 6 at an average price of $6.67 a share.
Does GM buy workhorse?
That makes a 10% stake held by the electric-van maker Workhorse (WKHS) worth about $160 million. Existing shareholders—including Workhorse—will own about 50% of the company post merger. … General Motors (GM) is also investing $75 million in the company as part of the deal.
When did Lordstown Motors merge?
In October 23, 2020, Lordstown reverse merged with a special-purpose acquisition company (SPAC) named DiamondPeak Holdings and became listed on the NASDAQ. The merger gives Lordstown Motors an estimated equity value of US$1.6 billion.
What is DPHC trading at?
Key Turning Points
Is Diamond Peak a SPAC?
The company went public last year in a reverse merger with Diamond Peak Holdings Corp., a special purpose acquisition company (SPAC). The business combination valued the company at $1.6 billion and it is currently trading below that valuation.
Was Lordstown Motors a SPAC?
Lordstown went public through a special purpose acquisition company, or SPAC, in October.
Why did GM invest in Lordstown Motors?
GM’s stake in Lordstown Motors mostly reflects the selling price of the plant, equipment and the value of the in-kind contributions GM made to help Lordstown Motors “in their drive to complete the purchase and launch their product,” Cain said.
Who is buying Lordstown?
Taiwan-based electronics manufacturer Foxconn is moving ahead with a plan to acquire a Lordstown Motors vehicle assembly plant in Ohio for $230 million, the companies announced on Wednesday.