Stock Alert: GigCapital3 Hits New 52-week High

By RTTNews Staff Writer   ✉   | Published:

Shares of GigCapital3 Inc. (GIK), a private-to-public equity corporation, are rising more than 7 percent or $0.92 in Friday's morning trade at $13.52, after hitting a new 52-week high of $14.43.

Lightning eMotors, an electric vehicle manufacturer, and GigCapital3 said Thursday they have entered into a definitive agreement for a business combination that will result in Lightning eMotors becoming a publicly listed company. 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".

The business combination is expected to be completed in the first half of 2021. Pursuant to the business combination, GigCapital3 will acquire Lightning eMotors through a reverse merger. The business combination values Lightning eMotors at a proforma equity value of about $823 million, at $10.00 per share.

GigCapital3 has traded in a range of $9.79 to $14.43 in the past 52 weeks.

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