Futures are flat this morning. Congratulations if you followed yesterday’s trade for Salesforce (CRM) – share prices are up over 14% in pre-market trading after the company reported better than expected earnings yesterday.
Some of our favorite plays over the past few months have been our Electric Vehicle plays. The ever-strengthening commitment to reduce carbon emissions means huge momentum for EV stocks. When we highlighted Nikola (NKLA) stock back in May, share price was less than $13. NKLA stock is now trading at almost $40.
For investors who feel that they missed out on the opportunity to get in on the ground floor with NKLA, another exciting EV truck SPAC merger is taking place.
DiamondPeak Holdings Corp. (DPHC) will merge with Lordstown Motors and trade under the ticker RIDE on the Nasdaq exchange. The merger has some major backers, which is a good sign for DPHC. GM, BlackRock, Fidelity and Wellington all have a stake. These big-name firms don’t put their seal of approval in just any company.
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Lordstown recently purchased a 6.3 million square foot assembly facility that will be able to produce 600,00 EVs per year. This should help accommodate big-name customers. The company has already received over 27,000 pre-orders for it’s Endurance pickup truck prototype. Pre-orders could potentially represent over $1.4 billion in Revenues from commercial-fleet customers, according to the company.
DPHC stock could continue its parabolic rise ahead of the merger. It could be a while before price discovery is achieved. Investors should expect volatility. Could DPHC be the next NKLA? Investors who want to get in on the ground floor are willing to take the risk.