Congressman Tim Ryan Applauds Lordstown Motors Merger
Lordstown, Ohio – Congressman Tim Ryan made the following statement in response to today’s announced merger between Lordstown Motors and DiamondPeak Holdings Corp. According to reports, $675 million of gross proceeds from merger are expected to fund production of the Lordstown Endurance. The reported combined equity value of the company is $1.6 billion.
“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 do everything in my power to support Lordstown Motors and put Voltage Valley on the map,” said Congressman Tim Ryan. “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.”
This transaction is expected to close in the fourth quarter of 2020 and the combined company will be listed on the NASDAQ under the new ticker symbol “RIDE.” The board of directors for the combined company will include Steve Burns, founder and CEO of Lordstown Motors, and David Hamamoto, Chairman and CEO of DiamondPeak.