Finance

A new electric truck SPAC called Lordstown is forming and the shares are surging

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The Lordstown Motors Corp. Endurance electric pickup truck is displayed during an unveiling event in Lordstown, Ohio, U.S., on Thursday, June 25, 2020.

Matthew Hatcher | Bloomberg | Getty Images

Shares of DiamondPeak Holdings, a special purpose acquisition company, jumped more than 16% during early trading on Monday after the company announced that it will merge with electric vehicle company Lordstown Motors. The combined company will trade on the Nasdaq under the new symbol “RIDE.”

The deal represents two areas of particular investor interest this year: special purpose acquisition companies (SPACs), as well as electric vehicle start-ups.

SPACs are also known as blank-check companies, since…



Source cnbc.com

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