RTTNews | Sep 28, 2020 10:07AM EDT

10:06 Monday, September 28, 2020 (RTTNews.com) - Shares of DiamondPeak Holdings Corp. (DPHC) are rising almost 8 percent or $1.91 in Monday's morning trade at $25.80 despite no company-centric news that could move the stock.

U.S. stocks are rising on Monday, extending gains from the previous session, as investors shrugged off concerns about a surge in coronavirus cases and uncertainty about the U.S. presidential election.

DiamondPeak is a special purpose acquisition company. In August, the company announced a proposed merger with privately-held electric light duty truck maker Lordstown Motors Corp.

Under the terms of the deal, DiamondPeak will acquire Lordstown Motors through a reverse merger that will result in Lordstown becoming a publicly-listed company. Upon closing of the transaction, the combined company will be named Lordstown Motors Corp. and is expected to remain listed on the Nasdaq, trading under the new ticker symbol, "RIDE." The deal has an implied pro forma equity value of approximately $1.6 billion.

DiamondPeak has traded in a range of $9.50 to $31.80 in the past 52 weeks.

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