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Lightning eMotors, a provider of commercial electric vehicles, is completing its business combination with GigCapital3, approved by stockholders on April 21, 2021. The merged entity, now named Lightning eMotors, Inc., will start trading on the NYSE under symbols ZEV and ZEV.WS from May 7, 2021. Previously, GigCapital3 units will separate into one share and three-quarters of a warrant, ceasing to trade as a unit. Lightning eMotors focuses on zero-emission vehicle solutions for various commercial applications, enhancing the fleet industry's sustainability.
GigCapital3, Inc. (NYSE: GIK, GIK.U) announced stockholder approval for its business combination with Lightning eMotors on April 21, 2021. Over 98% of votes cast supported the proposal, representing about 56% of outstanding shares. The business combination will finalize soon, after which the new entity will trade under the symbol 'ZEV'. GigCapital3 anticipates approximately $268 million in gross proceeds from the transaction, including $125 million from a PIPE transaction with institutional investors. Following redemptions, around $143 million will remain in the trust account.
GigCapital3 (NYSE: GIK) urges stockholders to vote for the proposed business combination with Lightning eMotors. The virtual special meeting is scheduled for April 21, 2021, at 10:00 AM PT. Stockholders holding shares as of the record date, March 15, 2021, can participate and vote online or via telephone. Voting instructions will be provided through the proxy card. The company emphasizes the importance of every vote and encourages stockholders to vote early. Further information on the meeting can be accessed through GigCapital3's official website or by contacting MacKenzie Partners for assistance.
Lightning eMotors has secured an order for 40 zero-emission delivery trucks from Fluid Truck to enhance its fleet in New York City. These trucks will serve XPO Logistics and NAL Group in their IKEA Retail U.S. deliveries. Currently, 10 trucks are operational, with an additional 30 expected soon. The trucks feature a 120-mile range and are equipped with Lightning Analytics for operational efficiency. This business move aligns with Lightning eMotors' ongoing business combination with GigCapital3, expected to close this spring, allowing for a NYSE listing under the symbol ZEV.
GigCapital3, Inc. (NYSE: GIK) announced that the SEC declared effective its Registration Statement on Form S-4 for the proposed merger with Lightning eMotors. A Special Meeting for stockholders is set for April 21, 2021, with March 15, 2021, as the Record Date. Notable milestones include a partnership with DHL for zero-emission delivery vehicles and a recent agreement with ABC Companies for additional electric vehicles. GigCapital3 will rename itself to Lightning eMotors Inc. upon merger completion, with trading expected under new symbols "ZEV" and "ZEV.WS" on NYSE.
Lightning eMotors has appointed Steve Ivsan as its new chief procurement officer, effective immediately. Ivsan brings extensive experience from his roles at Outrider Technologies, Byton, Rivian, and Tesla, which is expected to enhance the company's supply chain and operational efficiency. His focus will be on adding new suppliers and scaling production for commercial electric vehicles. This appointment marks a strategic move as Ivsan is the third senior executive hired this year, following the appointments of a new CFO and a chief revenue officer.
Lightning eMotors, a leader in commercial electric vehicles, will participate in several investor events including Deutsche Bank Startups Virtual on March 4, UBS Global Energy Transition Call on March 9, Baird Vehicle Technology and Mobility Conference on March 10, and Coker Palmer Clean Energy Ecosystem Bus Tour on March 30. Lightning eMotors is in a business combination with GigCapital3 (NYSE: GIK), with the deal expected to close in the second quarter of 2021, pending stockholder approval. The new entity will be listed under the ticker symbol 'ZEV'.
Lightning eMotors announced the appointment of Kash Sethi as chief revenue officer to enhance business development as the company prepares for its public listing through a merger with GigCapital3 (NYSE: GIK). Sethi previously served as vice president of sales at Motiv Power Systems and brings extensive experience in the electric vehicle sector. The company aims to significantly scale operations to meet growing customer demand. Lightning eMotors is poised to lead in the commercial electric vehicle space with a broad portfolio and a commitment to research and development.
Lightning eMotors has appointed Teresa Covington as its new Chief Financial Officer. Covington, with over 25 years of experience in financial leadership roles, previously served as CFO for asTech and led finance at AeroVironment. Her expertise is expected to support Lightning eMotors through its transition to a public company following its business combination with GigCapital3 (NYSE: GIK). The merger aims to strengthen Lightning's position in the commercial electric vehicle market, enhancing growth opportunities as it plans to list under the ticker symbol ZEV.
Lightning eMotors has secured a $45 million order for zero-emission powertrain systems from ABC Companies, a motorcoach supplier. This order, which includes various Class 3 to Class 8 vehicles, reflects a growing demand for electric transport solutions. The first delivery was completed in December, showcasing the effectiveness of Lightning's technology, which delivers over 200 miles of range on a single charge. The partnership includes training for ABC’s staff to service these systems. Lightning's merger with GigCapital3 is also on track for Q1 2021, potentially expanding its market reach as it transitions to a public company.
