GigCapital7, a new blank-check company organized by SPAC veteran Dr. Avi Katz, registered to offer 25 million units at $10 each. A unit consists of one share and three-fourths of a warrant, with whole warrants exercisable for a share at $11.50.
The SPAC intends to focus on companies in the TMT, AI/ML, cybersecurity, MedTech, semiconductor and sustainable industries.
The sponsor has committed to buying 3,719,000 warrants in a private placement that will close simultaneously with the offering at the price of $0.09922 per warrant. The sponsor has already purchased 16,999,999 Class B shares for $100,000, or $0.00588235 per share.
“The low price that our sponsor, executive officers and directors (directly or indirectly) paid for the founder shares creates an incentive whereby our officers and directors could potentially make a substantial profit even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders,” the SPAC notes in the registration statement.
Director and CEO Katz holds an indirect 50% interest in the sponsor. He has spent 35 years in international executive positions within the TMT industry working for privately held start-ups, and publicly traded middle-cap companies and large enterprises.
Katz’s prior SPACs merged with such companies as BigBear.ai and QT Imaging.
The new SPAC intends to apply for a listing on the Nasdaq under the symbol GIGGU.
Spartan Capital is sole bookrunner on this deal. Read more.
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