The Latest Non-Redemption Agreements: September 27, 2023
by Nicholas Alan Clayton on 2023-09-27 at 5:31pm

GigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements

GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption.

One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none will individually hold more than 9.9% of GigCapital5’s outstanding shares as a result.

In exchange, GigCapital5’s business combination target QT Imaging has agreed to issue to these investors shares equal to 15% of the number of shares that are not redeemed and subject to the agreements. These shares are to be dispersed at the closing of the deal.

Tomorrow, September 28, GigCapital5 shareholders will vote on an extension of its transaction deadline from that date to December 31.

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