Investigation of Potential Action on Behalf of Former Shareholders of GigCapital3, Inc. (NYSE: GIK)
GigCapital3, Inc. ("Gig3"), renamed Lightning eMotors, Inc. (“Lightning”) (NYSE: ZEV), is a Delaware corporation formed as a special purpose acquisition company. Gig3 completed its initial public offering of units on May 18, 2020, selling 20 million units to public investors at $10 each, for proceeds of $200 million.
On December 10, 2020, Lightning and Gig3 announced that they had entered into a merger agreement for a "reverse merger" in which shareholders would exchange their Gig3 shares for Lightning shares and Lightning would become a publicly traded company.
Kessler Topaz is investigating whether Gig3 affiliates who engineered the reverse merger with Lightning breached their fiduciary duties to Gig3 and its shareholders by acting for their own benefit.
If you are a former GigCapital3, Inc. (NYSE: GIK) shareholder who received shares of Lightning eMotors, Inc. (NYSE: ZEV) as a result of the reverse merger and would like to learn more about our investigation, please fill out our online form or contact James Maro at (484) 270-1453; toll free at (844)-887-9500; or via email at info@ktmc.com.