SPACInsider Logo
GigCapital5 (GIA) Signs Term Sheet with QT Imaging
by Marlena Haddad on 2022-10-03 at 8:41am

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.

 

 

Recent Posts
by Nicholas Alan Clayton on 2022-12-08 at 2:28pm

Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...

by Marlena Haddad on 2022-12-08 at 12:56am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...

by Marlena Haddad on 2022-12-08 at 12:50am

PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

by Marlena Haddad on 2022-12-08 at 10:52am

AlphaTime Acquisition Corp. (NASDAQ:ATMC) filed its S-1 yesterday morning for a $60 million IPO as the second SPAC to file for an IPO in December thus far. The new SPAC has set its sights on businesses in Asia that have the potential to generate strong, stable, and increasing free cash flow, particularly businesses with predictable revenue streams...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved