GigCapital5 (NYSE:GIA) announced this morning that it has signed a non-binding, exclusive term sheet to combine with medical imaging company QT Imaging.
Details on the transaction remain limited, but the parties intend to complete the proposed business combination in the first half of 2023.
GIA currently has a deadline of October 28 to complete the deal, but its shareholders recently approved an extension from September 28, and can extend on a monthly basis up to March 28, 2023 in exchange for $160,000 into the trust account for each one-month extension. At the September shareholder vote, 18,985,950 shares were presented for redemption, representing 82.548% of GIA shares.
QT is a medical imaging company that manufactures novel products for body imaging. In 2014, the company purchased the assets of Techniscan Medical and relocated from Salt Lake City, Utah, to Novato, California. QT features an FDA-cleared breast scanner that addresses critical deficiencies in the current breast imaging paradigm. The device is currently deployed in three U.S. and two foreign locations, and the company plans to place four additional scanners before the end of 2022. QT is entering a commercial growth phase, and intends to use the proceeds of the proposed merger to further expand its commercial activities.
Since this deal is not yet at the “definitive agreement” stage, and is still at the non-binding LOI stage, SPACInsider will not consider this deal “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
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