GigCapital5 said its sponsor deposited an additional $160,000 payment into trust for another deadline extension of one month. Promissory notes to the sponsor for extension payments now total $640,000. With further monthly deposits, the SPAC's merger deadline may be extended until March 28, 2023.
GigCapital5 also said it had borrowed $65,000 from the sponsor for working capital. That note now stands at $260,000. The note is non-interest bearing and convertible into the SPAC's units at the sponsor's election.
The SPAC earlier this month 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. Terms call for the combined company to receive approximately $41 million in gross proceeds from GigCapital5's trust account, assuming no redemptions, and up to $26 million in additional financing to be raised prior to the closing. Read more.