Just when you thought Gig was done making arrangements to close their combination……nope. They’re back with another. This time with Glazer Capital, LLC (“Glazer”). This new, non-binding LOI with Glazer is similar to yesterday’s non-binding LOI with Nomura, with a few tweaks. Essentially, Gig will be acquiring (post-combination close) the 750,000 shares of common stock of GigCapital (GIG) currently held by Glazer and Glazer may, but is not obligated to, acquire an additional 250,000 shares of GIG. In return, Glazer agrees not to redeem or sell those shares prior to the six (6) month anniversary of the Business Combination Closing Date. Again, similar to the Nomura LOI, Glazer may sell the Shares at any per Share price above $10.50 per Share beginning the day after the Kaleyra transaction closes.
Here’s where the LOI differs from Nomura – If Glazer still owns Shares as of the six (6) month anniversary of the Business Combination Closing Date, Glazer can sell those Shares to GigCapital for a per Share price (the “Shares Purchase Price”) equal to:
- the per share redemption price at the Business Combination, plus
- $0.03 per Share for each month following the Business Combination Closing Date that Glazer has held the Shares.
So Glazer could potentially be getting an additional $0.18 if they wait six months, so really, that means the share price needs to be trading $0.18 above redemption value before Glazer thinks about selling their shares (somewhere around $10.70, depending on when Gig goes to a vote).
Regardless, this effectively ties up another 750,000 shares and potentially 1,000,000 if Glazer can get their hands on an additional 250,000. Plus, Gig now has forward purchase agreements and non-binding LOIs with Greenhaven, Kepos, and Yakira for the Rights (although, Yakira’s arrangement is for both Rights and Shares), and non-binding LOIs with Nomura and Glazer for the Shares. Gig is really getting their money’s worth from their lawyers with all these agreements and 8-Ks.
I’ve said, “post this announcement, Gig should be moving towards setting a vote date“, a couple of times now, only to get another arrangement the following day. So while I’d like to think this will be the last one, I’m going to hedge my bets and say we might get another tomorrow? Guess we’ll have to wait and see. Stay tuned.


Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...