Lightning eMotors, Inc.: Notice of Proposed Settlement of Shareholder Derivative Actions

LOVELAND, Colo., Jan. 12, 2024 /PRNewswire/ -- SUMMARY NOTICE OF PENDENCY OF DERIVATIVE ACTION, AGREEMENT OF SETTLEMENT AND RELEASE, AND SETTLEMENT HEARING IN THE U.S. DISTRICT COURT FOR THE DISTRICT OF COLORADO LITIGATION STYLED LANHAM V. FENWICK-SMITH, NO. 1:23-cv-00507 (D. COLO.) (THE "ACTION").

TO: ALL CURRENT RECORD HOLDERS AND BENEFICIAL OWNERS OF COMMON STOCK OF LIGHTNING EMOTORS, INC. ("LIGHTNING" OR THE "COMPANY") AS OF SEPTEMBER 20, 2023 (THE "RECORD DATE") ("CURRENT LIGHTNING SHAREHOLDERS").

YOU ARE HEREBY NOTIFIED that the parties to the Action have reached a settlement to resolve the issues raised in the Action ("Settlement").

PLEASE BE FURTHER ADVISED that pursuant to an Order of the U.S. District Court for the District of Colorado, a hearing will be held on the 8^th day of March, 2024 at 10:00 a.m., before the Honorable Nina Y. Wang in the U.S. District Court for the District of Colorado, Alfred A. Arraj United States Courthouse, 901 19th Street, Denver, Colorado 80294-3589, in Courtroom A-502, to determine: (i) whether the terms of the Settlement are fair, reasonable, and adequate and should be approved; (ii) whether a final judgment should be entered; and (iii) such other matters as may be necessary or proper under the circumstances.

If you are a current Lightning Shareholder, you may have certain rights in connection with the proposed Settlement. You should obtain a copy of the full printed Notice of Pendency of Derivative Action, Proposed Agreement of Settlement and Release, and Settlement Hearing, at https://ir.lightningemotors.com or by contacting Rigrodsky Law, P.A. by telephone at (516) 683-3516 or in writing at Rigrodsky Law, P.A., 825 East Gate Blvd., Suite 300, Garden City, NY 11530.

If you are a Current Lightning Shareholder and do not take steps to appear in this Action or to object to the proposed Settlement, you will be bound by the Order and Final Judgment of the Court, you will forever be barred from raising an objection to such Settlement in this or any other action or proceeding, and certain claims that you might have may be released.

CURRENT LIGHTNING SHAREHOLDERS WHO HAVE NO OBJECTION TO THE SETTLEMENT DO NOT NEED TO APPEAR AT THE SETTLEMENT HEARING OR TAKE ANY OTHER ACTION.

You may obtain further information by writing Rigrodsky Law, P.A. at the address above.

PLEASE DO NOT CALL, WRITE, OR OTHERWISE DIRECT QUESTIONS TO EITHER THE COURT OR THE CLERK'S OFFICE.

Dated:  January 12, 2024
By order of the U.S. District Court for the District of Colorado

Related Links
https://ir.lightningemotors.com

CONTACTS
Rigrodsky Law, P.A.
825 East Gate Blvd., Suite 300
Garden City, NY 11530
Tel: (516) 683-3516

SOURCE Lightning eMotors