GigCapital5 announced that its stockholders approved a merger extension in monthly increments to Sept. 28, which will mark the two-year anniversary of the SPAC's IPO. The trust has been funded with $100,000 to cover the first month of the extension.
In a subsequent 8-K filing, GigCapital5 said 4.3% of shares outstanding were redeemed in connection with this latest extension. That leaves 3,091,001 shares.
The SPAC in December inked a merger agreement with QT Imaging, a medical imaging company that develops novel products for body imaging. The deal has an equity value of $151 million.
At that time, GigCapital5 secured a three month extension that ran through yesterday.
QT Imaging develops systems and technology to improve image screening for breast cancer, especially reducing false-positive testing results. The FDA granted clearance for the QT ultrasound scanner, QTscan®, as an adjunct to mammography and the National Institute of Health (NIH) has awarded over $15.5 million in funding for QT Imaging research. Read more.