GigCapital5 today announced that its stockholders approved a merger extension from yesterday, which marked the two-year anniversary of its IPO, until Dec. 31.
The SPAC is working to complete a deal with QT Imaging after a few hiccups since it was announced last December. QT Imaging develops systems and technology to improve image screening for breast cancer.
GigCapital5 earlier this week secured a non-redemption agreement with Meteora Capital Partners, covering more than 2 million shares.
That move followed the SPAC’s decision to drop a lawsuit against QT Imaging and focus, instead, on renewed efforts to finalize the deal. The suit had alleged breaches of the 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. Read more.
