Why Shares of Electric Pickup Start-Up DiamondPeak Holdings Soared 63.9% in August

Shares of special purpose acquisition company (SPAC) DiamondPeak Holdings (NASDAQ: DPHC) skyrocketed 63.9% in August, according to data provided by S&P Global Market Intelligence. That handily outperformed the broader market.

You can't spell "fever" without "EV," and the stock market has been feverishly buying up shares of electric vehicle makers this summer. The sudden attention to the sector has prompted some EV companies to go public through a reverse merger with a SPAC, a move that avoids a traditional IPO. Electric truck start-up Nikola used a similar technique when it went public earlier this year.

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Source Fool.com