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GigCapital (GIG) Releases Shareholder Vote Info
by Kristi Marvin on 2019-06-06 at 7:27am

This morning, GigCapital, Inc. (GIG), released the details of their shareholder vote to approve their extension deadline to December 12, 2019, from June 12, 2019. As a result, the Sponsor and Founders will be contributing $240,000 to GigCapital’s Trust account for each calendar month that is needed to complete their business combination with Kaleyra.

Per the 8-K, 6,825,464 shares of the Company’s common stock elected to redeem, which represents approximately 47.5% of the IPO shares. That means roughly $77.6 million will remain in the trust account, down from their estimated $148 million held in trust before the vote.

Additionally, the 8-K states that 11,636,542 shares of Common Stock will remain issued and outstanding, so if we deduct the promote shares and at-risk capital shares included in the at-risk units, we are left with 7,544,536 public shares.  That also means, the per-share contribution amount to the trust each month going forward will be $0.0318.  

GigCapital previously stated they will be contributing the $240,000 to their trust account by June 12th.

You can review the results of all the vote HERE, but a summary has also been provided below.

 

The Extension Amendment:
FORAGAINSTABSTAINBroker Non-Votes
17,529,028126,87620,0000

 

 

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