Why DiamondPeak Holdings' Stock Is Charging Higher Today

Shares of DiamondPeak Holdings (NASDAQ: DPHC) were surging on Monday morning after the company announced that it will merge with electric-pickup start-up Lordstown Motors in a deal that will take Lordstown public.

As of 10:30 a.m. EDT today, DiamondPeak's shares were up about 11.1% from Friday's closing price.

DiamondPeak is a special-purpose acquisition company, or SPAC, a type of company created specifically to acquire (or merge) with one or more other companies. SPACs are sometimes referred to as "shell companies" and generally have no ongoing revenue-producing businesses of their own. 

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Source Fool.com