SPACInsider Logo
GigCapital3, Inc. (GIK.U) Further Amends Terms
by Kristi Marvin on 2020-05-13 at 8:41am

Anticipated to Price IPO Tonight.

GigCapital3, Inc. (GIK.U), which had previously amended their IPO terms from an original 24 months with a 1/2 warrant, to 18 + 3 months with a 3/4 warrant, has now further revised their deal terms.  Gig3 will now be a straight 18 months with a 3/4 warrant, but most importantly, Gig3 will be over-funding their trust and will now be $10.10 day-one.

This is the first time a SPAC has over-funded a trust at 101.0% since Hennessy Capital IV, which IPO’d back on February 28th of 2019.  That’s over a year ago. However, I suspect it won’t be the last.

As a result of the over-funding, GigCapital3 will now be contributing $8,934,790 via their at-risk private placement purchase of units at $10.00.  This is up from their original $7.5 million purchase of units, or an increase of $1,434,790.  So as you can see, it’s expensive to over-fund, which is why teams are generally not to keen to do it.

Nonetheless, Gig3’s changes should garner considerably more interest from investors, so this deal is back on.  Additionally, Gig3 is anticipated to price tonight for trading Thursday, along with Jaws Acquisition Corp. (JWS.U).  Jaws, however, has not amended their terms and will be sticking with 24 months and a 1/3 warrant.

The next test will be to see how Gig3 trades tomorrow as a result of their term changes and it should trade above issue price, but it will be interesting to compare it to how Jaws does.

Revised summary of terms below:

Gigcapital3 summary of terms 5-13-20

Recent Posts
by Marlena Haddad on 2022-12-07 at 1:22pm

D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...

by Nicholas Alan Clayton on 2022-12-07 at 1:14pm

EDOC Acquisition Corp. (NASDAQ:ADOC) has entered into a definitive agreement to combine with food oil processing company Australian Oilseeds at an enterprise value of $190 million. Australian Oilseeds manufactures food-grade, edible oils through several subsidiaries. Transaction Overview EDOC has an estimated $21.3 million in its current trust after seeing about 77.5% redemptions in extension votes....

by Marlena Haddad on 2022-12-07 at 11:35am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Buzzfeed cuts 12% of staff, and ASIG plans to expand through acquisition upon completion of SPAC BuzzFeed cuts 12% of staff citing worsening econ conditions  Digital media company BuzzFeed (NASDAQ:BZFD) is cutting 12%...

by Kristi Marvin on 2022-12-07 at 11:05am

What is your life insurance policy worth while you’re still living? This week, we speak with Abacus Life President and CEO Jay Jackson who may just want to buy yours. Abacus Life has made a business of buying consumer life insurance policies for upfront payments and holding them until maturity. To help bring this particular kind of transaction...

by Nicholas Alan Clayton on 2022-12-07 at 10:33am

Golden Falcon (NYSE:GFX) has entered into a definitive agreement to combine with freight aviation company MNG Airlines at an enterprise value of $676 million, or 5.8x its LTM adjusted EBITDA. Istanbul-based MNG Airlines operates air freight services to four continents with a fleet of nine jets. The combined company is expected to trade on the...

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