![]() ![]() Katz, through the Sponsor, effectively ran Gig3, including serving as its executive chairman, secretary, president and CEO. The Company’s Sponsor was controlled by the defendant and alleged “serial founder of SPACs” Avi Katz. ![]() Gig3’s sponsor, GigAcquisitions3 (the Sponsor), was issued “founder’s shares” for $25,000 (amounting to about 20% of Gig3’s post-IPO equity), which could not be redeemed, lacked liquidation rights and were also subject to a lock-up. (Gig3 or the Company) - now Lightning eMotors, Inc.
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