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
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