One-year-old Lordstown Motors will become a publicly traded company in an effort to bring its commercial electric pickup truck, the Endurance, to market. And it will do this with more support from General Motors than was previously known, according to financial filings.
The startup plans to list on the Nasdaq stock exchange under the ticker “RIDE” by combining with a special purpose acquisition company called DiamondPeak, shares of which already trade on the exchange. It’s the same type of “reverse merger” move that hydrogen trucking company Nikola pulled off earlier this year to go public and that EV startup Fisker is currently trying to execute. It’s also the latest to cash in on a sudden funding frenzy in the electric vehicle startup space, which has seen fresh money go to Karma Automotive, China’s Li Auto and XPeng, and others.