Lordstown Motors Joins Electric-Vehicle Rush to Stock Market
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Lordstown Motors Corp., the electric-truck startup that stepped in to save a shuttered General Motors Co. factory in Ohio, will be listed on the Nasdaq and gain an infusion of $675 million through a merger with a publicly traded funding vehicle.
The company will trade under the symbol RIDE after the deal with DiamondPeak Holdings, it said in a statement Monday. Lordstown plans to use the proceeds to fund production of its Endurance electric pick-up truck at the former GM plant, which is expected to begin in the second half of next year.