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
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...
At the SPAC of Dawn SPAC momentum has not waned amid the market rally as three more SPACs are angling to price their IPOs by this evening, adding to two others and went public earlier this week. This would bring April’s tally to nine SPAC IPOs after just three in March. It has not been...
New Providence Acquisition Corp. III (NASDAQ:NPACU) announced the pricing of its $261 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NPACU”, Thursday, April 24, 2025. The new SPAC aims to combine with a consumer target that has the potential to generate attractive risk-adjusted returns. New Providence III’s...