GigCapital5 said its sponsor has funded the trust account with an additional $160,000 to extend the SPAC’s meerger deadline until Nov. 28. Additional extensions may be made until March 28, 2023, conditioned on payment of a monthly $160,000 fee.
In addition, the SPAC issued a working capital promissory note to the sponsor for $65,000. The promissory note is non-interest bearing.
Earlier this month GigCapital5 and QT Imaging announced that they entered into an exclusive, non-binding term sheet, with the goal of completing a business combination in the first half of 2023.
QT is a medical imaging company that develops novel products for body imaging.
The SPAC’s Chairman Dr. Avi Katz is founding managing partner of GigCapital Global. Read more.
