GigCapital3, Inc. (NYSE:GIK) announced in an 8-K filing that its shareholders have approved its business combination with with Lightning eMotors at its special meeting held yesterday, April 21, 2021.
While only 56% of shares participated in the vote, 98% voted in favor of the combination. Approximately 29% of its outstanding shares elected to redeem leaving $143 million in trust, down from the $202 million held in trust at IPO.
Lightning eMotors expects to receive approximately $268 million in gross proceeds, which includes the $125 million equity and convertible PIPE investments from BP Technology Ventures and other leading institutional investors.
The parties are now likely to close the transaction in the coming days, although the filing did not name a specific date. Following closing, the combined company will be known as Lightning eMotors Inc., and the shares and warrants are expected to trade on the NYSE under the symbols “ZEV” and “ZEV.WS”, respectively.
GigCapital3 initially announced the $651 million deal on December 10, 2020. Colorado-based Lightning eMotors manufacturers EVs for commercial fleets including vans, work trucks, buses and motor coaches.
For full vote tallies, click HERE.
ADVISORS
- BofA Securities, Inc. is serving as exclusive financial advisor to Lightning eMotors
- King & Spalding LLP is serving as legal advisor to Lightning eMotors
- Oppenheimer & Co. Inc., Nomura Securities International, Inc., and BofA Securities, Inc. are serving as joint placement agents on the equity and convertible financing
- Oppenheimer & Co. Inc. and Nomura Greentech are serving as joint financial advisors to GigCapital3
- DLA Piper LLP (US) is serving as legal advisor to GigCapital3
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....