GIK - Lightning eMotors - DD (December 2020)
O/S: 25M
Trust: 200M
Target announced: December 10, 2020
Target: Lightning eMotors
Website: lightningemotors.com
Sector: EV (medium duty commercial trucks right now)
Investor Presentation: lightningemotors.com/wp-conten...
Future Ticker: ZEV
Closing (est): 1H 2021 (April/May, I'd guess)
O/S Post-merger: Around 130M (see notes below)
The Hotness:
Trust: 200M
Target announced: December 10, 2020
Target: Lightning eMotors
Website: lightningemotors.com
Sector: EV (medium duty commercial trucks right now)
Investor Presentation: lightningemotors.com/wp-conten...
Future Ticker: ZEV
Closing (est): 1H 2021 (April/May, I'd guess)
O/S Post-merger: Around 130M (see notes below)
The Hotness:
- Low valuation on merger @ 10.
- Lightning eMotors’ significant time-to-market advantages over competitors have enabled the Company to capture a diverse base of blue-chip fleet customers, including Fluid Trucks, ABC Companies, ACE Parking and California State Hospitals. Currently, Lightning eMotors has a contracted order backlog of approximately 1,500 vehicles for delivery in 2021 and 2022, including the world’s first fuel cell electric Class 6 truck. Lightning eMotors has the country’s largest commercial zero-emission fleet vehicle manufacturing facility in the U.S. with annual production capacity of 1,000 vehicles today and expanding to 3,000 in 2021 and over 20,000 by 2025.
- Flexing with Amazon delivery trucks in their investor presentation
- US based, partners with Romeo, Ford, etc
Highest Revenue Visibility Among Peers
2021 fully contracted under binding contracts
$800mm pipeline provides predictability beyond
Order Acceleration in Q3 2020 – EV Adoption at an Inflection Point
California fully committed to rapid electrification
Secured $120mm in large repeat binding orders from existing customers
Important Notes:
- They have a $100M convertible in there - it's convertible at 11.50, which is another 8.7M shares. Will happen.
- There will be another 20% shared issued on stock moving to 12,14,16 after 20 of 30 days trading above those prices, so I think we're looking at around 130 o/s in the end?
- This is a slightly more complicated transaction than normal SPAC, imo - which is why I think it's slated for 1H2021 instead of 1Q2021.
- Comparable to XL Fleet (aka PIC) on revenue growth, damn near the same but this is a bit sexier
I like this one. I'll be taking a position for sure, but there's a lot of time on the clock for this one.
Lightning eMotors - ZEV
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