GigCapital5 and QT Imaging, a medical imaging company that develops novel products for body imaging, announced today that they have entered into a definitive merger agreement at an equity value of $151 million.
If approved, upon closing QT Imaging Holdings would trade on the NYSE under the new ticker symbol QTI. The goal is to complete the business combination in the first half of 2023, according to a press release.
The combined company will receive approximately $41 million in gross proceeds from GigCapital5’s trust account, assuming no redemptions by GigCapital5’s public stockholders, and up to $26 million in additional financing to be raised prior to the closing.
QT Imaging exists to provide an improved imaging modality to address critical deficiencies in the current breast imaging paradigm, especially false-positive testing results. The FDA granted clearance for the QT ultrasound scanner, QTscan®, as an adjunct to mammography and the National Institute of Health (NIH) has awarded over $15.5 million in funding for QT Imaging research. Read more.
