Lordstown Motors
A startup truck-maker in Northeast Ohio is now trading on the tech-heavy Nasdaq stock exchange.
Lordstown Motors listed for the first time Monday under the ticker symbol RIDE.
The initial public offering culminates a $675 million merger announced this summer with DiamondPeak Holdings, a special purpose acquisition company.
While the big American vehicle makers trade on the New York Stock Exchange, Lordstown Motors CEO Steve Burns says the software used in his electric pickup trucks makes it more like a tech-stock.
“It’s a highly technical play, just the software in the vehicle is a tremendous amount of high-tech, Burns said. We’re making our own battery packs, and we’re using hub motors, where the motor is in the wheel.”