In today’s Gig News (seriously, it feels like an 8-K is filed at least once a day lately), GigCapital (GIG) put out a new filing this morning correcting a typo in their previously released 8-K regarding the additional Forward Purchase Agreement with Kepos Alpha Fund L.P. Specifically, the correction now shows that Kepos may acquire up to 3,750,000 Additional Rights, rather than the previously stated 2,750,000.

The schedule by which GigCapital will purchase the shares underlying Kepos’s Rights, remains the same:

• $1.05 per Right or Additional Right for the first 1,000,000 Rights or Additional Rights (which reflects $10.50 per Share for the first 100,000 Shares);
• $1.07 per Right or Additional Right for the next 3,329,950 Rights or Additional Rights (which reflects $10.70 per Share for the next 332,995 Shares);

However, it does change a few important items of note.  In particular, if both Greenhaven and Kepos manage to acquire the full amount of the Rights according to their respective agreements, that new total is 14,329,950 Rights out of the total 14,375,000 Rights (not 13,329,950).  Which also means that just 45,050 Rights would remain for 4,505 Shares.  Since that’s such a small amount, in that case, a tender offer for any remaining Rights would, in all probability, be off.  However, that is dependent on the amount of additional Rights Greenhaven and Kepos are able to acquire. Lastly, it also means the price-per-share at which Gig will buy all of Kepos’s Shares (if they manage to acquire all 3,750,000 additional Rights), will match Greenhaven’s $10.65.

In summary, Gig has now arranged to (potentially) clean up nearly all of its Rights ahead of their vote, as intended.  And there’s probably a very active market right now for the Gig2 Rights in anticipation of the Gig Team doing something similar with that deal. Although, keep in mind that Gig2’s Rights are 1/20, as opposed to Gig1’s 1/10.