The transaction is expected to close sometime in the first half of 2021. Shares of GigCapital3 jumped 22 percent in premarket trading Friday. User account menu. GigCapital3, led by executive chairman Avi Katz, raised $200 million in a May initial public offering. 3 . “GigCapital3 is thrilled to partner with Lightning eMotors, using our Private-to-Public Equity (PPE)™ platform, where GigCapital3 brings its management’s well-recognized and decades-long technology public-market operational and entrepreneurial expertise to enable the successful transition of a high-growth EV company like Lightning eMotors to a publicly traded entity,” said Dr. Raluca Dinu, founding managing partner of GigCapital Global and board member of GigCapital3. Copyright InnovatioNews LLC 2015. Choose your news – we will deliver. Currently, Lightning eMotors has a contracted order backlog of approximately 1,500 vehicles for delivery in The deal is expected to generate gross proceeds of $125 million and gives Lightning eMotors a pro-forma equity valuation of around $823 million, the companies said Thursday in a statement. Have an opinion about this story? ISSN 2576-1064 (print) Serious DD on GIK spac merger with eMotors. Somewhat lost in the announcement Monday of the biggest ever merger involving a "blank check" company was Lucid Motors Inc.'s disclosure that it … Upon closing of the transaction, the combined operating company will be named Lightning eMotors, Inc. and will be listed on the New York Stock Exchange under the ticker symbol ZEV. “Today marks an important step forward in Lightning eMotors’ mission to lead the commercial medium-duty zero-emission vehicle market,” said Lightning eMotors’ co-founder and CEO Tim Reeser. Lightning eMotors has the country’s largest commercial zero-emission fleet vehicle manufacturing facility in the U.S. with annual production capacity of 1,000 vehicles today and expanding to 3,000 in 2021 and over 20,000 by 2025. I like what I am seeing on GIK. Detroit, Michigan Sign up and get the best of Automotive News delivered straight to your email inbox, free of charge. Lightning eMotors, a company that electrifies commercial-vehicle fleets, has agreed to go public through a merger with GigCapital3 Inc., a blank-check company. InnovatioNews is the brainchild of news and media advertising veterans Lee Porter and Steve Porter and aims to illuminate the Colorado innovation community. Currently, Lightning eMotors has a contracted order backlog of approximately 1,500 vehicles for delivery in 2021 and 2022, including the world’s first fuel cell electric Class 6 truck. (Bloomberg) -- Lightning eMotors, a company that electrifies commercial-vehicle fleets, has agreed to go public through a merger with GigCapital3 Inc., a blank-check company. Bloomberg News had […] Our intention is to cover innovation topics, share important / timely innovation news, provide research and business tools, and create a forum for the community and those interested in innovation. "Tim and his exceptional management team have successfully built out a proprietary, cost-efficient modular architecture, which is scalable and protected by robust IP that is far ahead of its competition. Friday December 11, 2020 0 comments Tags: Loveland, Lightning eMotors, GigCapital3, Tim Reeser. Upon closing of the transaction, the combined operating company will be named Lightning eMotors, Inc. and will trade under the ticker symbol ZEV. “As a public company, Lightning eMotors will have a stronger capital structure to invest in capacity expansion, develop additional technology—both organically and through acquisitions. “We are excited to partner with GigCapital3 and leverage their extensive entrepreneurial, operational, and capital markets expertise, as we scale the business as a public company. Lightning eMotors is the only operator with a full range of Class 3-7 battery-electric and fuel cell electric vehicles in production today, addressing the large and growing fleet electrification market. By March the 17th we should hear from the SEC on whether or not GIK has the green light for merger vote date. You can unsubscribe at any time through links in these emails. Lightning eMotors’ significant time-to-market advantages over competitors have enabled the company to capture a diverse base of blue-chip fleet customers, including Fluid Trucks, ABC Companies, ACE Parking and California State Hospitals. It adds technology to the vans, trucks and buses that reduces their emissions to zero; it also provides a charging service. Deal … 1 comment . “We look forward to working with the Lightning eMotors team to build the industry leading zero-emission commercial EV company.”. Yes, I'd like to receive email communications on editorial features, special offers, research and events and webinars from Automotive News. Lordstown Motors sets record date for meeting, names Samsung as battery partner and updates merger documents to account for September financings By theheadlinereporter on September 21, 2020 DiamonPeak Holdings and Lordstown Motors filed updated merger documents today in connection with the business combination that is expected to bring Lordstown Motors public later this year. ISSN 1557-7686 (online), Fixed Ops Journal If playback doesn't begin shortly, try restarting your device. Lightning eMotors Merger with GigCapital3, Inc. Investor Conference Call Transcript December 10, 2020 Operator: Hello and welcome to the GigCapital3 and Lightning eMotors business combination announcement conference call. The deal is expected to generate gross proceeds of $125 million and gives Lightning eMotors a pro-forma equity valuation of around $823 million, the companies said Thursday in a statement. Welcome to Reddit, the front page of the internet. The Automotive News mission is to be the primary source of industry news, data and understanding for the industry's decision-makers interested in North America. Lightning eMotors, a company that electrifies commercial-vehicle fleets, has agreed to go public through a merger with GigCapital3 Inc., a blank-check company. 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GIK stock popped up initially on the merger news with Lightning. GIK merging with Lightning eMotors as expected just made a video on it on youtube for the details : --> In summary : -Valued … Press J to jump to the feed. Auto electrification company Lightning eMotors will go public through a merger with the special purpose acquisition company GigCapital3 Inc under a definitive agreement announced Thursday.. What Happened: The SPAC's shares surged 20.6% after-hours at $15.2 after the announcement of the deal.. (Bloomberg) -- Lightning eMotors, a company that electrifies commercial-vehicle fleets, has agreed to go public through a merger with GigCapital3 Inc., a blank-check company. GigCapital3 filed a preliminary proxy on its proposed $651 million merger with electric fleet vehicle manufacturer Lightning eMotors. Lightning EMotors Said In Talks to Go Public Via GigCapital3. It's possible this rally continues aggressively once the merger vote date is confirmed. 3 . The deal is expected to generate gross proceeds of $125 million and gives Lightning eMotors a pro-forma equity valuation of around $823 million, the companies said Thursday in … To reach InnovatioNews, call 1+970-481-1584. Lightning eMotors, formerly known as Lightning Hybrids, buys commercial-vehicle chassis from suppliers including Ford Motor Co. and assembles the final, electric versions at its 250,000 square-foot facility in Loveland, Colo. — Lightning eMotors (@LightningeMtrs) March 1, 2021 Another tweet earlier last month regarding Lightning eMotors’ USPS partnership has perpetuated …