Why Lordstown Motors' Stock Opened Higher Today
Shares of electric-pickup start-up Lordstown Motors (NASDAQ: RIDE) opened higher in the company's first post-merger trading session on Monday morning. Lordstown completed its merger with DiamondPeak Holdings (NASDAQ: DPHC), a special-purpose acquisition company, late on Friday.
As of 10 a.m. EDT, shares of the newly combined company were up about 10.9% from DiamondPeak's closing price on Friday.
Lordstown said on Friday that its merger with DiamondPeak had closed as planned. The deal, which included a so-called "PIPE" (for "private investment in public equity") for investors including General Motors (NYSE: GM), left the merged company with about $675 million in net proceeds.
Source Fool.com
