 Electric light-duty truck manufacturer Lordstown Motors Corp will list its shares on the Nasdaq exchange after merging with the special purpose acquisition company DiamondPeak Holdings Corp NASDAQ: DPHC, the companies said Monday. What Happened: Lordstown is the maker of the Lordstown Endurance, an all-electric, full-size pickup truck that delivers the equivalent of 75 miles per gallon.The company bought the former General Motors Company NYSE: GM Lordstown Assembly Plant in 2019, which can produce more than 600,000 electric vehicles a year. Lordstown believes it is among the first electric vehicle makers to acquire a near production-ready plant.As part of the merger agreement with the SPAC, the combined company will trade on the NASDAQ under the ticker RIDE.The company expects 675 million in gross proceeds and said it will allocate the cash toward the production of the Endurance truck.The transaction includes a 500-million fully committed PIPE, including 75 million of investment by General Motors, along with a handful of institutional investors.The pro forma implied equity value of the combined company is around 1.6 billion. The SPAC merger transaction is expected to close in the fourth quarter of 2020.Why Its Important: Lordstown introduced its Endurance truck over a month ago, and it has been met with enthusiastic support, Lordstown CEO and founder Steve Burns said in a press release.To date, the company has collected 1.4 billion in pre-orders.Our platform is rooted in sustainability, and the entire Lordstown team is committed to ensuring we contribute to a healthier planet for generations to come, the CEO said.Whats Next: The Lordstown Endurance is set to be the first full-size electric pickup truck with the U.S. commercial fleet market in mind, and initial production is expected in the bottom half of 2021.DiamondPeak shares were trading 11.82 higher in Mondays premarket session. Related Links:SPAC ETF Is In The Works, Appears Close To LaunchBarrons Picks And Pans: AutoNation, Overstock.com, SPACs And MoreSee more from Benzinga Izzy Charanek On How To Use Charts To Identify Options Plays Chris Butler Teaches Options 101 At Benzinga Boot Camp The Streets Reaction To Facebooks Q2: Bulls Turn More BullishC 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. 