Lightning EMotors Said In Talks to Go Public Via GigCapital3
-Lightning EMotors, a company that focuses on fleet electrification and cutting out fuel consumption, is in advanced talks to go public through a merger with blank-check firm GigCapital3 Inc., according to people with knowledge of the matter.
-GigCapital3 is seeking to raise about $100 million in new equity to support a transaction that would create a combined entity worth $700 million to $1 billion, including debt, said the people, who requested anonymity because the talks are private. Terms could change but a deal, if agreed, could be announced as soon as next week, some of the people said.
A representative for Lightning EMotors declined to comment. Representatives for GigCapital3 didn’t immediately respond to requests for comment.
-The Loveland, Colorado-based company, formerly known as Lightning Hybrids, adds technology to commercial vehicles such as vans, trucks and buses that reduces their emissions to zero, and provides a charging service.
-The company said in October that it had more than doubled its manufacturing space, ramped up production and that it had doubled its workforce.
- “There is significant momentum building in the commercial medium-duty electric vehicle industry, driven by social and regulatory trends,” Chief Executive Officer Tim Reeser said in a statement at the time, noting that demand outstrips supply for the industry. Reeser is also a managing director at Aravaipa Ventures, a Boulder, Colorado-based investment firm.
- GigCapital3, led by executive chairman Avi Katz, raised $200 million in a May initial public offering. It said it’ll focus on companies with enterprise valuations larger than $500 million in the technology, media and telecommunications industry.
- Katz’s GigCapital2 Inc. in October said it signed a letter of intent to merge with Bolder Industries, a company that converts end-of-life tires into sustainable industrial products. An earlier SPAC, GigCapital Inc., merged with Kaleyra SpA in a deal that took the software company public.
- A deal between GigCapital3 and Lightning eMotors would follow the pending merger of Pivotal Investment Corp. II and XL Fleet, another company that specializes in fleet electrification.
finance.yahoo.com/ne...ublic-160757552.html
-Lightning EMotors, a company that focuses on fleet electrification and cutting out fuel consumption, is in advanced talks to go public through a merger with blank-check firm GigCapital3 Inc., according to people with knowledge of the matter.
-GigCapital3 is seeking to raise about $100 million in new equity to support a transaction that would create a combined entity worth $700 million to $1 billion, including debt, said the people, who requested anonymity because the talks are private. Terms could change but a deal, if agreed, could be announced as soon as next week, some of the people said.
A representative for Lightning EMotors declined to comment. Representatives for GigCapital3 didn’t immediately respond to requests for comment.
-The Loveland, Colorado-based company, formerly known as Lightning Hybrids, adds technology to commercial vehicles such as vans, trucks and buses that reduces their emissions to zero, and provides a charging service.
-The company said in October that it had more than doubled its manufacturing space, ramped up production and that it had doubled its workforce.
- “There is significant momentum building in the commercial medium-duty electric vehicle industry, driven by social and regulatory trends,” Chief Executive Officer Tim Reeser said in a statement at the time, noting that demand outstrips supply for the industry. Reeser is also a managing director at Aravaipa Ventures, a Boulder, Colorado-based investment firm.
- GigCapital3, led by executive chairman Avi Katz, raised $200 million in a May initial public offering. It said it’ll focus on companies with enterprise valuations larger than $500 million in the technology, media and telecommunications industry.
- Katz’s GigCapital2 Inc. in October said it signed a letter of intent to merge with Bolder Industries, a company that converts end-of-life tires into sustainable industrial products. An earlier SPAC, GigCapital Inc., merged with Kaleyra SpA in a deal that took the software company public.
- A deal between GigCapital3 and Lightning eMotors would follow the pending merger of Pivotal Investment Corp. II and XL Fleet, another company that specializes in fleet electrification.
finance.yahoo.com/ne...ublic-160757552.html