GIK - SPAC GigCapital3 gains after Benchmark initiates with buy rating

SPAC GigCapital3 (GIK) rose 3% after Benchmark initiated the company 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."The company is currently the only full-range manufacturer of zeroemission commercial vehicles to the market, providing advanced analytics, mobile charging solutions and financing," Benchmark analyst Michael Ward writes in note.Benchmark has a a $17 price target on the GicCapital3.Lightning eMotors is scheduled to present at the Coker Palmer Clean Energy Ecosystem Bus Tour on March 30.Recall Dec. 16, SPAC target Lightning eMotors unveils new electric van.

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SPAC GigCapital3 gains after Benchmark initiates with buy rating