GigInternational1 bought itself some more time to work on a potential business combination. The SPAC formed by Dr. Avi Katz received a cash infusion into trust of $200,000 from its sponsor.
That extends the merger deadline by a month to Oct. 21. The SPAC’s sponsor can buy additional monthly extensions for $200,000 each up to Feb. 21, 2023.
GigInternational1 and Convalt Energy at the end of August announced that they entered into a non-binding term sheet, with the goal of completing a business combination. Convalt manufactures solar panels, operates power generating facilities and provides engineering & construction services for renewal energy projects.
The press release offered nary a whiff of potential deal details. The SPAC, the seventh launched by Dr. Katz, raised $200 million in a May 2021 IPO. Read more.
