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.


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

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved