Electric Vehicle Lovers Can’t Afford to Ignore This Stock

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The idea of investing in a shell company might not sound particularly enticing. Maybe that’s why so many traders have not seriously looked into DiamondPeak (NASDAQ:DPHC) as a business with growth potential. Yet, traders should investigate DiamondPeak stock as there is a backstory here that’s compelling.

an electric vehicle (EV) at a charging station representing SOLO stock

Source: Alexandru Nika / Shutterstock.com

DiamondPeak’s purpose, as a blank-check company, is to serve as a special purpose acquisition company or SPAC. In so doing, DiamondPeak will merge with another business that’s seeking to go public. Or technically, we can call it a reverse merger.

In addition, the blank-check company raises capital through an initial public offering, or IPO. The SPAC process can be faster and smoother than a company directly having an IPO. You’ve probably heard of a number of SPACs as they’ve been popping up this year.

So, what’s special about DiamondPeak? The company it’s helping to bring to the market is in a red-hot segment of the automotive ecosystem. Thus, there is a lot to like about DiamondPeak if you’re willing to dig beneath the surface.

DiamondPeak Stock at a Glance

The price action in DiamondPeak stock has been explosive, but in a good way. No one can deny that the bulls are firmly in control of the stock. However, there have been some dips along the way.

Prior to early August, DiamondPeak stock had been trading at $10 and change. Then a major announcement, which we will soon explore, changed everything. The shares charged upwards quickly, first to $11.50 and then to $14.50 within just a few days.

Any bears waiting in the wings have been disappointed as DiamondPeak stock has gone even higher. In fact, its recent 52-week high is $19.75. The share price retraced downwards a bit from there, but it is probably only a matter of time before new highs are printed.

An Investment With Endurance

Now, let’s delve into the heart of DiamondPeak stock and what it really represents. The company is merging with Lordstown Motors, and the new, combined company will be tradable via the ticker symbol RIDE on the Nasdaq Exchange.

In anticipation of this, you can still buy and sell DiamondPeak stock under its current ticker symbol. If you believe in the company, then it makes sense to take a stake sooner rather than later.

What caused the DiamondPeak stock price to spike was, more than anything else, the fact that the company is merging with a highly promising electric vehicle company.

Specifically, Lordstown Motors is an electric truck company. Its flagship vehicle model is known as the Endurance. Given its 20-inch wheels and 7,500 pounds of towing capacity, truck aficionados won’t be disappointed in the size and power of this vehicle.

Crowded Field?

Skeptics might express concern that Lordstown Motors isn’t the only electric vehicle company out there. Indeed, it’s not the only electric truck company to go public via a SPAC recently.

Yet, this fact alone doesn’t necessarily mean that Lordstown Motors is entering into an overly crowded field. David Hamamoto, the chairman and CEO of DiamondPeak, observes that “The fact that we are going after the commercial fleet market is a differentiated value proposition.”

Steve Burns, the CEO of Lordstown Motors, reported that his company received orders for 15,000 trucks prior to the announcement of the SPAC deal. It didn’t take long before that figure increased to 27,000, which would potentially translate to roughly $1.4 billion in truck sales.

In other words, Lordstown Motors is perfectly capable of executing even in a field populated with other electric truck companies. The Endurance is a power truck with 21st-century efficiency. Doubters can sit on the sidelines if they want, but they won’t get to participate in the growth story of this exciting electric vehicle upstart.

The Takeaway

So now you have the lowdown on DiamondPeak stock, the SPAC that’s still flying under the radar. But it might not stay under the radar for much longer as Lordstown Motors could become a household name before you know it.

Related: Electric cars are taking over

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