Lightning eMotors Securities Settlement: $13,350,000

If you purchased publicly traded securities issued pursuant to GigCapital3, Inc.’s Form S-1 Registration Statement, you may be eligible to claim a portion of a $13,350,000 class action settlement.

Lightning eMotors, Inc. has agreed to pay $13,350,000 to settle a class action lawsuit for alleged false and misleading statements regarding their growth and revenue projections, supply chain capabilities, and ability to scale.

Who can file a claim?

To be eligible to file a claim, you must fall into one of the following categories:

• Purchased or otherwise acquired publicly traded securities issued pursuant to GigCapital3, Inc.’s Form S-1 Registration Statement declared effective on May 5, 2020, as amended by Post-Effective Amendment No. 1, filed on May 13, 2020.
• Were a stockholder of GigCapital3, Inc. as of the March 15, 2021 Record Date that was entitled to vote on GigCapital3’s proposed transaction to acquire Lightning Systems.
• Purchased or otherwise acquired GigCapital3 or Lightning eMotors Securities during the period from May 18, 2020, through August 16, 2021, inclusive, and were damaged thereby.
• Were stockholders of GigCapital3 during the time period from the Record Date through the May 6, 2021 Closing Date.

How much can class members get?

The settlement fund will be distributed pro rata among eligible claimants. The amount each class member receives will depend on the total number of valid claims filed.

• Federal Class Claims: Calculated based on the difference in the amount of alleged artificial inflation in the prices of the respective ZEV Securities at the time of purchase or acquisition and at the time of sale.
• State Class Claims: Calculated based on the redemption price minus the sale price or the closing price on June 28, 2024, whichever is applicable.

Is proof required to submit a claim?

Yes, claimants need to provide documentation of their transactions in Lightning Securities, such as stockbroker confirmation slips or statements.

How to claim an award

To claim an award, you must submit a Proof of Claim form. You can file a claim online by visiting the online claim form or by mailing a paper proof of claim and release to:

Lightning eMotors Securities Settlement

Claims Administrator

c/o Gilardi & Co. LLC

P.O. Box 301170

Los Angeles, CA 90030-1170

$13,350,000 Settlement Fund

The settlement fund of $13,350,000 will cover:

• Court-approved attorneys’ fees not to exceed 33-1/3% of the Settlement Amount.
• Expenses, costs, and charges in an amount not to exceed $225,000.
• Payments to lead plaintiffs up to $10,000 in total.

Important dates

• Deadline to File a Claim: 11/11/2024
• Fairness Hearing: 11/19/2024

When is the Lightning eMotors Securities Settlement payout date?

The awards will be paid after the court grants final approval of the settlement and all claims have been processed.

What happens next?

The court will hold a Fairness Hearing on November 19, 2024, to decide whether to approve the settlement. If approved, the Claims Administrator will process claims and distribute payments.