GigCapital4 and Tenor Opportunity Master Fund agreed to a forward purchase under which Tenor will hold its shares for at least three months after the SPAC’s planned merger with BigBear.ai, a provider of artificial intelligence, machine learning, cloud-based big data analytics, and cyber engineering solutions.
The SPAC agrees to purchase up to 2.5 million of its shares from Tenor at the end of the three-month period.
As of yesterday, Tenor held 700,000 shares of GigCapital4 stock and could acquire up to an additional 1.8 million shares, according to the filing.
The agreement is similar to the backstop measures GigCapital4 announced last week with Highbridge and Glazer Capital. Read more.
