GigCapital5 and merger partner QT Imaging on Dec. 19 entered into separate non-redemption agreements covering 1,359,229 shares, according to an 8-K.
QT Imaging has agreed to issue to the participants shares of QT stock equal to the result of: the number of months, rounded up to a whole number, having occurred since Dec. 31 multiplied by 0.02, such that at the closing, the stockholder will receive consideration provided for in the business combination agreement that a holder of QTI Shares is entitled to receive, including that number of GigCapital5 shares equal to the number of months rounded up to a whole number, having occurred since Dec. 31, multiplied by 0.02. The QT shares shall be issued directly to the stockholder in book-entry form and the merger consideration GigCapital5 shares into which the QT shares convert at closing will be issued directly to the stockholder in book-entry form on the books and records of the SPAC’s transfer agent.
The SPAC plans to hold a meeting for shareholders to vote on an extension to March 31, 2024. The current deadline is Dec. 31.
GigCapital5 in September secured a non-redemption agreement with Meteora Capital Partners, covering more than 2 million shares.
The SPAc and QT Imaging have also amended their business combination agreement to remove the $15 million minimum cash condition to close.
QT Imaging develops systems and technology to improve image screening for breast cancer.
