Lightning eMotors Announces CFO Transition

LOVELAND, Colo.–(BUSINESS WIRE)–Lightning eMotors, Inc. (NYSE:ZEV), a leading provider of zero-emission medium-duty commercial vehicles and electric vehicle technology for fleets, today announced that Chief Financial Officer Teresa Covington is retiring, effective October 2, 2022. She will continue to be available to the Company as needed until March 31, 2023.

“Since joining the Lightning team early last year, Teresa has built a strong finance and accounting organization, establishing strong internal controls and financial planning and analysis processes over a period of criticism of the company’s history,” said Tim Reeser, CEO of Lighting eMotors. “Her leadership, work ethic, and experience in public companies set the foundation for the financial rigor and systems that are critical to Lightning’s success as we continue to grow the business. I want to thank Teresa for everything her work and wish her the best as she embarks on a new chapter in her life.

“It has been a privilege to work alongside Tim and the management team at Lightning as we build a strong business, introduce new products and invest for the future. I am thrilled to see the company continue to grow and to thrive and I am invested in ensuring a smooth transition,” said Ms. Covington.

The company also announced that David Agatston will join the company as Chief Financial Officer effective October 3, 2022. Mr. Agatston has over 25 years of experience in roles in finance, strategic analysis and business development. Most recently, he provided consulting services to CFOs as the founder of Devil’s Peak Consulting, and prior to that he was a divisional CFO for Zayo Group, a provider of critical communications infrastructure for enterprises with high bandwidth requirements. Mr. Agatston holds a degree in Electrical and Biomedical Engineering from Duke University and an MBA from the University of Virginia.

Mr. Reeser continued, “We are delighted to welcome an experienced business leader who will continue the progress already underway at Lightning. David’s proven track record of financial excellence will be essential as we work together to accelerate the company’s growth and drive it to profitability. »

“I am excited to join Lightning eMotors and work with the team to execute the company’s strategic plan, accelerate growth and increase shareholder value,” said Mr. Agatston. “I embrace Lightning’s vision of an emission-free future for commercial vehicles, and I look forward to helping the company realize that vision. »

About Lightning eMotors

Lightning eMotors (NYSE:ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 and passenger vans, ambulances , classes 4 and 5 freight. vans and shuttles, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses and Class A coaches. The Lightning eMotors team designs, engineers, customizes and manufactures zero-emission vehicles to meet the wide range of fleet customer needs with a full suite of control software, telematics, analytics and charging solutions to simplify the buying and ownership experience and maximize uptime. and energy efficiency. To learn more, visit our website at

Forward-looking statements

This press release contains forward-looking statements within the meaning of the United States federal securities laws. These forward-looking statements include, but are not limited to, Lightning eMotors’ expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding its future revenues and expenses, its expectations regarding the availability and timing components and supplies and business plans from the Lightning eMotors management team. All statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statement that refers to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, is a forward-looking statement. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, ” possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not prospective. There can be no assurance that future developments affecting Lightning eMotors will be as anticipated. The forward-looking statements contained in this press release are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or results to differ materially from any future results or results expressed or implied. – understood by forward-looking statements. . These risks, uncertainties, assumptions and other factors, many of which are described in the Company’s most recent Annual Report on Form 10-K and other filings with the United States Securities and Exchange Commission, include, but not limited to: (i) those related to our operations and our business and financial performance; (ii) our ability to access an adequate supply of engines, chassis and other critical components for our vehicles on a timely basis; (iii) our ability to attract and retain customers; (iv) our ability to convert backlog amounts and sales pipeline into actual revenue or sales; (v) our ability to maintain New York Stock Exchange listing standards; (vi) macroeconomic factors, including current global and regional market conditions, commodity prices, inflation and deflation; (vii) federal, state and local governmental laws, regulations and incentives, particularly those related to the commercial electric vehicle market; (viii) volatility in the price of our securities due to various factors, including changes in the competitive industries in which we operate, variations in operating performance among competitors, changes in laws and regulations affecting our business and changes our capital structure; (ix) planned and potential acquisitions or business or asset combinations; and (x) our funding and liquidity plans. In addition, we operate in a competitive and rapidly changing environment, and new risks may emerge from time to time. You should not place undue reliance on forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be precise indications of the times at which or by which such performance or results will be achieved, if any. Should one or more of these risks or uncertainties materialize, or should any of the assumptions made prove incorrect, actual results may differ materially from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.


Brian Smith

[email protected]