DiamondPeak Holdings to merge with Lordstown Motors in a $1.6bn deal.

DiamondPeak Holdings, a special purpose acquisition company, agreed to merge with Lordstown Motors, an American automobile manufacturer of electric vehicles, in a $1.6bn deal that would result in Lordstown becoming a publicly listed company. "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. Lordstown's top-tier management team, led by Steve Burns, has captured a clear lane of customers in the fleet market. 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," David Hamamoto, DiamondPeak Chairman and CEO.