Shares of DiamondPeak Holdings (NASDAQ:DPHC) rose as much as 12.5% Friday, and are currently 10% higher, as of 2:15 p.m. EDT. The special purpose acquisition company (SPAC) announced news on its plans to merge with aspiring electric-truck maker Lordstown Motors.
DiamondPeak announced Thursday that it has set Oct. 22, 2020, as the meeting date for a vote to approve its planned merger with Lordstown Motors. Investors are reacting to the definitive meeting date, even though it's been anticipated since the SPAC announced plans of the merger on Aug. 3.
Since then, shares in the SPAC are up almost 80%. But with the approval vote now set, investors saw another catalyst to buy today.
The meeting, which will be held remotely, should allow for the merged companies to begin trading on the Nasdaq stock exchange under the ticker symbol "RIDE."
Lordstown plans to build its Endurance electric pickup truck at a former General Motors manufacturing plant in Lordstown, Ohio. The company is billing the Endurance as a "light duty fleet work truck" that will be priced at $52,500 per vehicle.
The company says the Endurance "has the fewest moving parts of any motor vehicle." It hopes the commercial fleet market will be drawn to lower maintenance costs and an overall lower cost of ownership. The company touts its overall cost benefits compared to Ford's F-150, which is powered by an internal combustion engine. With an EV range of 250 miles, the truck fits the needs of many commercial work vehicles.