Deals
Lightning EMotors to Go Public in Reverse Merger With SPAC
- Deal is expected to generate gross proceeds of $125 million
- Shares of GigCapital3 SPAC soar in pre-market trading
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Lightning eMotors, a company that electrifies commercial-vehicle fleets, has agreed to go public through a merger with GigCapital3 Inc., a blank-check company.
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. Bloomberg News had reported the two companies were in talks to merge.