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Lordstown Motors, DiamondPeak Holdings agree to form a publicly traded business

Lordstown Motors has its manufacturing facilities in Ohio.

Photo courtesy of Lordstown Motors

Lordstown Motors Corp. and DiamondPeak Holdings Corp. have entered into a definitive agreement for a business combination that would result in Lordstown becoming a publicly listed company. A statement released by the companies details that the combo company would be named Lordstown Motors Corp. and is expected to remain listed on the NASDAQ and trade under a new ticker symbol, "RIDE".

The deal is expected to be finalized in the fourth quarter of 2020.

2021 Lordstown Endurance The company debuted its Endurance pickup earlier this year. Photo courtesy of Lordstown Motors

As part of the agreement, Lordstown Motors will see an expected cash infusion of around $675 million of gross proceeds go directly to fund the production of the Endurance as well as producing the company's in-wheel electric hub motor.

Additionally, the transaction includes $500 million in fully committed private investment in public equity (PIPE), of which is a $75 million investment by General Motors. Also included in that investment list are funds from institutional investors, including Fidelity Management & Research Company LLC, Wellington Management Company LLP, Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock.

The pro forma implied equity value of the combined company is approximately $1.6 billion.

The combined company Board of Directors will include Steve Burns, Founder and CEO of Lordstown, and David Hamamoto, Chairman and CEO of DiamondPeak.

News of the merger comes on the heels of Lordstown Motors releasing a new ad for its all-electric Endurance pickup truck. The Endurance's interior was revealed last month.

The company aims to be the first full-size electric pickup truck designed to serve the U.S. commercial fleet market. Initial production expected in the second half of 2021. Numerous orders are already in place. The model's price tag is slated to start just over $52,000.

Lordstown Motors has its production facility at the former General Motors Lordstown Assembly plant in Ohio.

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The 2022 Acura TLX has the technology enabled.

Photo courtesy of Acura

Toyota and Lexus announced that the WarnerMedia RIDE app would be coming to their models earlier this year. Now, Honda and Acura will be offering the same.

On certain Wi-Fi enabled Honda and Acura vehicles, AT&T unlimited in-car Wi-Fi users will have access to the WarnerMedia RIDE app. The app allows users to connect multiple devices in their vehicles to browse, stream and share premium content from the WarnerMedia library while on the road.

Honda and Acura vehicle owners have been able to use their on-board modem as a hot spot for connecting up to seven devices since 2017. Models compatible for the new tech include the Acura RDX (2019-present), Acura TLX (2021), and Acura MDX (2022) across all trim levels. Honda vehicles with the tech include Accord (2018-present, Touring), Odyssey (2018-present; Touring, Elite), Insight (2019-present, Touring)., Passport (2019-present; Touring, Elite)., and Pilot (2019-present; Touring, Elite, Black Edition).

The WarnerMedia RIDE App allows passengers to access 1,000+ hours of live and on-demand entertainment. The app includes hit TV shows and movies from top brands such as Cartoon Network, CNN, HBO Max, TBS, TNT and TruTV, spanning animation, entertainment, news, sports and more.

WarnerMedia RIDE app The WarnerMedia RIDE app allows users to choose their own avatar.Photo courtesy of Acura

Users can set up profiles and personalize their user exerpience with an avatar from the WarnerMedia library. Profiles also ensure age-appropriate content with options for adults to restrict access to their profiles with an access code.

"Wireless connectivity and connected car services continue to be key features for customers and our long-standing relationship with AT&T continues to be one way we deliver exciting new content to Honda and Acura owners," said Art St. Cyr, vice president of North American Auto Strategy for American Honda. "Honda will continue working to enhance the in-car experience, including the capabilities of the AT&T network and access to top content with WarnerMedia RIDE."

"We're always looking for new and innovative ways to elevate the connected car experience for our customers. With WarnerMedia RIDE, we are delivering a connected experience that's perfect for journeys," said Joe Mosele, vice president, Mobility & Internet of Things, AT&T. "Our collaboration is keeping Honda and Acura owners connected wherever they travel with hours of news and entertainment for the whole family."

WarnerMedia RIDE is available now in the App Store and on Google Play for all U.S. unlimited data plan subscribers. WarnerMedia RIDE is included at no additional cost for existing and new unlimited subscribers.

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The engine bay is decorated with images of the American flag.

Photo courtesy of Karl Kustoms

A new customized 2016 Chevrolet Corvette Z06 pays tribute to members of the U.S. military. Karl Kustoms, a Chevrolet Performance retailer and custom shop, recently completed the build in partnership with Bad Boy Vettes. Nearly every panel of the Corvette has been modified to honor a military branch. Even the underside of the hood and engine bay have been artistically sprayed.

"It is a privilege to take on a custom project like this and use our skills to honor our nation's military," Clint Quesinberry, Digital Marketing Specialist. "This Memorial Day, we are proud to recognize those who served."

Karl Kustons US military 2016 Chevrolet Corvette The model started its life as a 2016 Chevy Corvette.Photo courtesy of Karl Kustoms

Unique features include detailed lettering of the words "Honor, Duty, Country", three words given an important place in military history after they were uttered by General Douglas MacArthur in 1962 at the U.S. Military Academy at West Point as part of his farewell address. There's also imagery of a U.S. Army helicopter firing at a Russian helicopter, a serviceman with a German Shepard, the U.S.S. Iowa battleship, and Arlington Cemetery stones with Medal of Honor recipients from each major conflict.

Karl Kustons US military 2016 Chevrolet Corvette Military imagery features throughout the body work.Photo courtesy of Karl Kustoms

The car was created as a full-time show car and is currently on display at the Corvette Museum in Bowling Green, Kentucky. It will remain there through the end of 2021 before traveling throughout the country at a variety of car events throughout 2022.

The customized Corvette is also a contender for the 2021 International Show Car Association (ISCA) Car of the Year.

Karl Kustons US military 2016 Chevrolet Corvette Imagery is featured on the body and under the hood.Photo courtesy of Karl Kustoms

"We did what we could to take this thing over the top," said Ed Birmingham, Karl Kustoms Painter. "I sat there for hours doing the detail work. I spent more time than I would normally spend on a hood, but it all paid off."

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