HYLN - SPAC GigCapital3 drops as ex-redemption date set for Monday

SPAC GigCapital3 (GIK), which is in a deal to take Lightning eMotors public, fell 8.2%, as the ex-redemption date in Monday.GigCapital3 goes ex-redemption on Monday, though yesterday was likely the last day one could purchase the stock and still redeem for $10/share since settlement is T+2, according to traders.GigCapital holders are set to vote on Lightning eMotors deal on April 21.Last month, Benchmark initiated GigCapital3 with a buy rating, touting its planned purchase of Lightning eMotors, which is calls a leader in the electrification of commercial vehicles in North America, specifically the commercial van and truck markets.GigCapital competitor XL Fleet Corp. (XL) dropped 1.3%, Hyliion Holdings (HYLN) fell 0.7%, while Nikola Corp. (NKLA) gained 2.6%.See SA contributor WY Capital's piece from January entitled "Lightning eMotors: The Best EV Company You've Never Heard Of."

For further details see:

SPAC GigCapital3 drops as ex-redemption date set for Monday