Shares of Lordstown Motors surged nearly 20% before cooling off in the company’s volatile trading debut Monday on the Nasdaq.
The stock jumped as high as $21.75 but quickly fell to about 18.80, up 3.2%, as of 10:55 a.m. It began trading Monday after closing a reverse merger last week with DiamondPeak Holdings Corp., a special purpose acquisition company, or SPAC.
Ohio-based Lordstown Motors is among a growing group of electric vehicle start-ups going public through deals with SPACs, which have become a popular way of raising money on Wall Street because they have a more streamlined regulatory process.
