Why GigCapital3 Jumped 14.5% This Morning -- Then Gave Most of It Back

Just what we always wanted for Christmas -- another electric-vehicle SPAC.

Yesterday, after close of trading, GigCapital3, Inc. (NYSE: GIK), a special purpose acquisition company (SPAC), announced that it will merge the "urban commercial zero-emission vehicle company" Lightning eMotors. GigCapital3 stock immediately rocketed 14.5% in price once trading opened this morning, although it has since given up most of those gains and is now up just 2.5% as of 1:35 p.m. EST.

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Source Fool.com