Lightning eMotors taps new CFO as it prepares to go public

LOVELAND — Heavy duty electric vehicle maker Lightning eMotors Inc. has named Teresa Covington as its new chief financial officer as it prepares to go public this year.

In a statement, the company said Covington will head up the company’s financial operations and investor relations teams.

Lightning announced in December that it would merge with special-purpose acquisition company GigCapital3 Inc. (NYSE: GIK) in a deal that would allow the Loveland company’s stock to trade on the New York Stock Exchange under the ticker “ZEV”. The deal is expected to add $270 million in cash to the company’s books after it closes, which is expected in the first half of 2021.

A special-purpose acquisition company, or SPAC, is a shell company that exists solely to be taken public and later acquired by a different company seeking to go public outside of the usual initial public offering process.

“I look forward to helping the company with its upcoming SPAC business combination and becoming public and leading an incredible team of financial professionals,” Covington said in a statement.

Covington was most recently CFO of AsTech, an automotive diagnostics company in Dallas. Before that, she was vice president of finance and CFO of AeroVironment Inc. (Nasdaq: AVAV), a maker of drones and a large supplier to the U.S. Department of Defense.

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