Lordstown Motors has agreed to go public through a merger with blank-check company DiamondPeak Holdings in a deal that gives the electric pickup start-up a pro forma equity value of $1.6 billion, the companies said on Monday.

The combined company will be called Lordstown Motors Corp following the closure of the deal in the fourth quarter and will trade on the Nasdaq under the ticker symbol RIDE, the companies said.

“Lordstown … has a transformational product and business plan in what are two of the most valuable areas of focus and tremendous opportunity in the auto sector — electric

Lordstown Motors has agreed to go community as a result of a merger with blank-look at firm DiamondPeak Holdings in a offer that provides the electric pickup get started-up a professional forma fairness benefit of $1.six billion, the corporations stated on Monday.

The mixed firm will be called Lordstown Motors Corp pursuing the closure of the offer in the fourth quarter and will trade on the Nasdaq underneath the ticker symbol Journey, the corporations stated.

A blank-look at firm is a shell firm that raises income as a result of an initial community presenting to get an functioning entity,

Is the upcoming of the Kia Soul EV in the United States in doubt? The present-day, second generation of the electrical-run variation of the smaller Soul SUV has been readily available in Canada and in Europe considering the fact that final 12 months (as a 2020 product), but in the United States its introduction has been repeatedly delayed. Now, an anonymous source who spoke with Cnet.com’s Roadshow claimed that Kia has resolved from bringing the product to the U.S.

For now, Kia is denying that it has made any determination to pull the plug on the product for the U.S.

Karma Automotive, maker of the Revero plug-in hybrid luxury car or truck, has elevated $one hundred million from exterior traders as the corporation and its parent find to faucet into an electric powered-car or truck stock surge by searching for an further $300 million.

The fresh funding coincides with at minimum the fourth makeover for a corporation formerly identified as Fisker Automotive Inc. considering that previous Aston Martin style director Henrik Fisker established it in 2007, only to depart as it headed towards bankruptcy six years later on. Proprietor Wanxiang Team Corp., which acquired the carmaker in 2014 and renamed

Electric-auto maker Fisker Inc. has lifted $fifty million from hedge fund veteran Louis Bacon, with the money going towards engineering for the SUV it aims to roll out in 2022, the firm claimed.

The offer, completed as a result of Bacon’s private financial commitment auto Moore Strategic Ventures LLC, values Fisker at extra than $1.6 billion in accordance to a individual acquainted with the make a difference, who requested not to be determined discussing private facts.

The Torrance, Calif.-based EV startup was started by Henrik Fisker, who is finest acknowledged for developing luxury cars and trucks at BMW and Aston