
Lordstown Motors Takes Off
Lordstown Motors Corp. became a publicly traded company in October, taking a major step toward achieving its goal of producing the world's first full-size all-electric pickup truck for the commercial fleet market. Instead of using a conventional IPO, the fledgling company went public on NASDAQ by merging with DiamondPeak Holdings Corp., a publicly traded special purpose acquisition company (SPAC), giving it an implied $1.6 billion equity value. Institutional investors also committed to a private investment in public equity (PIPE) of approximately $500 million.
Sullivan & Cromwell served as counsel to DiamondPeak, the SPAC that merged with Lordstown Motors, and also advised on the PIPE deal. As SPAC transactions have become a fundamental tool for capital formation in the current market, we remain at the forefront. S&C's integrated, multidisciplinary team approach is ideally suited for these transactions, which often require expertise in private M&A, public M&A, public securities offerings and cross-border tax issues.
Our recent SPAC experience includes the following representations:
- CONX Corp., a SPAC formed by Charles Ergen, the Chairman of DISH Network and EchoStar, in its $750 million IPO and listing on NASDAQ
- DraftKings in its business combination with SPAC Diamond Eagle Acquisition Corp. and SBTech (Global) Limited to create the world’s first vertically integrated sports betting and online gaming company
- Global Knowledge Training in its sale to SPAC Churchill Capital Corp. II from Rhône Capital as part of a three-way business combination with Software Luxembourg Holding, creating a $1.5 billion company
- SPAC Justice Holdings (U.K.) and Pershing Square Capital Management, co-founder of Justice, in connection with Justice’s $1.4 billion initial public offering and subsequent business combination with Burger King Worldwide Holdings
- SPAC TS Innovation Acquisitions Corp., formed by Tishman Speyer Properties L.P., in its $300 million IPO and listing on NASDAQ


Learn more about our M&A and Capital Markets practices and explore our insights in the following podcasts and publications.