Deal to raise $645M for Endurance truck production

The company took over part of General Motors' former Lordstown plant has announced a deal to raise millions of dollars to help it make electric pickup trucks.
Lordstown Motors Corp. and DiamondPeak Holdings Corp. announced on Monday that they have entered into a definitive agreement for a business combination that would result in Lordstown becoming a publicly listed company.
The transaction, which is expected to be completed late this year, will be named Lordstown Motors Corp. and is expected to remain listed on the NASDAQ and trade under the new ticker symbol, "RIDE."
According to LMC, the partnership will raise approximately $675 million to fund the production of the Endurance, an electric-powered pickup truck with an in-wheel hub motor design.
Lordstown Endurance will be the first full-size electric pickup truck designed to serve the U.S. commercial fleet market with initial production expected in the second half of 2021
The transaction includes a $500 million private investment, which includes $75 million by General Motors in addition to investments from institutional investors, including Fidelity Management & Research Company LLC, Wellington Management Company LLP, Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock, among others.
Under terms of the deal, the value of the combined company is approximately $1.6 billion, according to a company statement.
Combined company Board of Directors will include Steve Burns, Founder and CEO of Lordstown, and David Hamamoto, Chairman and CEO of DiamondPeak