In 2019, Lordstown Motors famously took over an assembly plant in Lordstown, Ohio, after news that it was being vacated by GM.
GM even lent Lordstown money to help the electric vehicle maker purchase the $40 million facility.
Lordstown has attracted attention for its still-in-development light duty truck, the Endurance, which reportedly has $1.4 billion in pre-orders.
The company will merge with a financier called DiamondPeak Holdings and the combined entity will trade under the Nasdaq symbol "RIDE."
The deal is valuing the company, founded in 2019, at $1.6 billion.
The Endurance is aimed at commercial fleets and DiamondPeak said it was attracted to the deal because of Lordstown’s “transformational product.”
The vehicle is due to premier in 2021 and should offer 250 miles per charge at a $45,000 purchase price.
According to Reuters, Lordstown expects to make more than $600 million the deal, proceeds it will use to produce the Endurance.