On September 17, 2020, DiamondPeak and Lordstown
hosted an investor presentation to discuss various matters including recent developments with respect to Lordstown and the electric
vehicle industry generally.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is the presentation, dated
September 17, 2020.
Important Information About the Merger and Where to Find
It
DiamondPeak has filed
with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and will file other documents
regarding the proposed transaction with the SEC. After the SEC has concluded its comments, DiamondPeak will mail the definitive
proxy statement to its shareholders. INVESTORS AND SECURITY HOLDERS OF DiamondPeak
ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE COMPANY’S PROXY STATEMENT, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED Transaction. The definitive proxy
statement will be mailed to stockholders of DiamondPeak as of a record date to be established for voting on the proposed transaction.
Investors and security holders will be able to obtain copies of the proxy statement and other documents filed with the SEC (when
available) free of charge at the SEC’s website, http://www.sec.gov or by directing a request to: DiamondPeak Holdings Corp.,
40 W 57th Street, 29th Floor, New York, NY 10019, (212) 716-2000.
Forward-Looking
Statement LEGENDS
Additional Information and Where to Find It
This communication
does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval,
and is not a substitute for the Proxy Statement or any other document that DiamondPeak may file with the SEC or send to its shareholders
in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF DiamondPeak
ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS
WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain the documents
free of charge at the SEC’s web site, http://www.sec.gov and DiamondPeak shareholders will receive information at an appropriate
time on how to obtain transaction-related documents for free from DiamondPeak. Copies of documents filed with the SEC by DiamondPeak
will be made available free of charge on DiamondPeak’s investor relations website at www.diamondpeakspac.com.
Participants in the Solicitation
DiamondPeak, Lordstown and their respective
directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of common stock
in respect of the proposed transaction. Information about the directors and executive officers of DiamondPeak is set forth in its
Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 25, 2020. Other information
regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings
or otherwise, will be contained in the definitive Proxy Statement and other relevant materials to be filed with the SEC in respect
of the proposed transaction when they become available.
Cautionary Statements Regarding Forward-Looking Information
Certain statements in this release may constitute
“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide
current expectations of future events and include any statement that does not directly relate to any historical or current fact.
Words such as “anticipates,” “assumption,” “believes,” “continue,” “expects,”
“estimate,” “future,” “goal,” “intends,” “plans,” “projects,”
“positions,” “target” or other similar expressions, whether in the negative or the affirmative, may identify
such forward-looking statements.
These forward-looking statements are not
guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict, and you
should not place undue reliance on our forward-looking statements. Actual results may differ materially from those discussed in
forward-looking statements as a result of factors, risks and uncertainties over which DiamondPeak and Lordstown have no control.
These factors, risks and uncertainties include, but are not limited to, the following: (i) conditions to the completion of the
proposed business combination and PIPE investment, including stockholder approval of the business combination, may not be satisfied
or the regulatory approvals required for the proposed business combination may not be obtained on the terms expected or on the
anticipated schedule; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of
the merger agreement between the parties or the termination of any PIPE investor’s subscription agreement; (iii) the effect
of the announcement or pendency of the proposed business combination on Lordstown’s business relationships, operating results,
and business generally; (iv) risks that the proposed business combination disrupts Lordstown’s current plans and operations
and potential difficulties in Lordstown’s employee retention as a result of the proposed business combination; (v) risks
related to diverting management’s attention from Lordstown’s ongoing business operations; (vi) potential litigation
that may be instituted against DiamondPeak or Lordstown or their respective directors or officers related to the proposed acquisition
or the merger agreement or in relation to Lordstown’s business; (vii) the amount of the costs, fees, expenses and other charges
related to the proposed business combination and PIPE investment; (viii) risks relating to the uncertainty of the projected financial
information with respect to Lordstown, including the conversion of pre-orders into binding orders; (ix) risks related to Lordstown’s
limited operating history, the rollout of Lordstown’s business and the timing of expected business milestones, including
Lordstown’s ability to complete the engineering of the Endurance and the retooling of the Lordstown facility, and start production
of the Endurance, on time and on budget; (x) the effects of competition and the pace and depth of electric vehicle adoption
generally on Lordstown’s future business; (xi) Lordstown’s ability to achieve any level of EBITDA margin, including
its ability to achieve breakeven EBITDA margin and the timetable for achieving breakeven EBITDA margin; (xii) changes in regulatory
requirements, governmental incentives and fuel and energy prices; (xiii) the amount of redemption requests made by DiamondPeak’s
public stockholders; (xiv) the ability of DiamondPeak to issue equity or equity-linked securities in connection with the transaction
or in the future; (xv) the impact of the global COVID-19 pandemic on any of the foregoing risks; and (xvi) such other factors as
are set forth in DiamondPeak’s periodic public filings with the SEC, including but not limited to those described under the
headings “Risk Factors” and “Forward Looking Statements” in its final prospectus for its initial public
offering, which was filed with the SEC on February 26, 2019 and Annual Report on Form 10-K for the fiscal year ended December 31,
2019, its subsequent quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available
via the SEC’s website at www.sec.gov.
Forward-looking statements reflect the views and assumptions
of DiamondPeak and Lordstown as of the date of this communication with respect to future events. Neither DiamondPeak nor Lordstown
undertakes, and each hereby disclaims, any obligation, unless required to do so by applicable securities laws, to update any forward-looking
statements as a result of new information, future events or other factors. The inclusion of any statement in this communication
does not constitute an admission by DiamondPeak or Lordstown or any other person that the events or circumstances described in
such statement are material.