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Lordstown Motors Corp. to become publicly listed company following merger with DiamondPeak Holdings Corp.

The transaction is projected for the fourth quarter of 2020.

LORDSTOWN, Ohio — Lordstown Motor Corp. is making headlines again following a definitive merger with special purpose acquisition company DiamondPeak Holdings Corp. 

The merger, announced Monday, will result in Lordstown becoming a publicly listed company and trade on the NASDAQ under the new ticker symbol, "RIDE," according to a press release. 

"We are thrilled with the opportunity to build Lordstown motors into a top-tier electric truck company that is highly differentiated from the competition," said Steve Burns, Founder and Chief Executive Officer of the motor company. "We are uniquely positioned to be a leader in the industry, with our first vehicle, the revolutionary Lordstown Endurance. Our all-electric full-size pickup truck delivers the equivalent of 75 miles per gallon and has been systematically engineered and competitively priced specifically for the large commercial fleet market," Burns stated.

Endurance, the motor company's flagship pickup truck unveiled in June, has received over 27,000 pre-orders, equating to over $1.4 billion in potential revenue. 

RELATED: Lordstown Motors releases sneak peek renderings of new Endurance model

"We have evaluated hundreds of companies for more than a year and Lordstown stood out as a differentiated, high growth company at the confluence of electric vehicles and light-duty trucks, two highly valuable areas of focus and tremendous opportunity in the automotive sector," said David Hamamoto, Chairman and Chief Executive Officer of Diamond Peak. "Lordstown's top-tier management team, led by Steve Burns, has captured a clear lane of customers in the fleet market," he added.

Ohio Congressman Tim Ryan applauded the merger in support of its commitment to the keeping jobs in the community. 

"I want to congratulate Steve Burns and the entire team at Lordstown Motors on this achievement and their continued investment in our community. I stand ready to continue to doo everything in my power to support Lordstown Motors and put Voltage Valley on the map," Ryan stated. "Between the Lordstown Endurance, which when it rolls out in 2021 will be the first full-sized electric pickup truck on the road, the GM-LG Chem electric battery plant being built in Lordstown, and the amazing work being done at BRITE Energy Innovators, America Makes, and the Youngstown Business Incubator -- our community is leading the jobs of the future."