GigCapital3, Inc. (GIK) Shareholders Approve Lightning eMotors Deal
by Kristi Marvin on 2021-04-22 at 8:24am

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.


  • 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


Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved