NU Ride Inc (NRDE)

[mick]

$ride About the deal that will take Lordstown Motors public
If you followed the deal that took electric-semi start-up Nikola (NASDAQ:NKLA) public in early June, the basic outline of the Lordstown deal will look familiar.

Lordstown will merge with DiamondPeak.
The merged company will be named "Lordstown Motors," and the former DiamondPeak stock will trade under the new symbol "RIDE."

The transaction includes a $500 million PIPE (for "private investment in public equity"), fully funded by investors including General Motors,
Fidelity Investments, Wellington Management, and accounts managed by BlackRock.

GM's $75 million investment includes "in-kind contributions" that have already been made.

Lordstown will receive about $675 million in gross proceeds, enough to get the Endurance into production.

The pro forma equity value of the combined company is about $1.6 billion.

The transaction is expected to close by the end of the fourth quarter.