Commercial EV fleet company Lightning eMotors and GigCapital3 completed their business combination. The closing happens less than a year after the SPAc closed its IPO on May 18, 2020.
The combined company receives approximately $268 million in gross proceeds, including a $125 million PIPE anchored by BP Technology Ventures. GigCapital3 shareholders approved the deal last month, at which time the SPAC also announced that it had received elections to redeem 29 percent of its outstanding shares.
Lightning eMotors common stock and warrants begin trading today on the NYSE under ZEV and ZEV.WS, respectively. Each existing GigCapital3 unit will separate into its components consisting of one share of common stock and three-quarters of one warrant. Read more.
