GigCapital5 in a regulatory filing said it’s dropping a lawsuit against merger partner QT Imaging and will, instead, renew efforts to complete the deal.
The SPAC filed suit against QT Imaging for alleged breaches of their merger agreement, while rejecting the target’s attempt to terminate the deal.
The parties also amended their business combination agreement to remove the $15 million minimum cash condition to close and eliminated the condition precedent that shares of GigCapital5 shall be listed on an exchange as of the closing date, which is now set for Dec. 31.
QT Imaging offers what it calls “an improved imaging modality to address critical deficiencies in the current breast imaging paradigm, especially false-positive testing results.” Read more.
