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GigCapital5, Inc. (NYSE: GIA) announced an exclusive term sheet with QT Imaging, Inc. to pursue a business combination, aiming for QT to become a public entity in the first half of 2023. QT Imaging specializes in innovative ultra-low frequency sound imaging systems designed for breast and body imaging, currently operating FDA-cleared breast scanners across multiple locations. The merger intends to fuel QT's commercial growth and expand its offerings, with expected benefits to shareholders as QT transitions to a public company.
GigCapital5, Inc. (NYSE: GIA) announced a $160,000 trust account funding and a business combination extension to October 28, 2022. This funding allows the special purpose acquisition company (SPAC) to continue seeking a merger or acquisition. Additionally, on September 26, 2022, the company extended a non-interest bearing $65,000 working capital promissory note to GigAcquisitions5, LLC. The company focuses on sectors including technology, media, aerospace, and more.
GigCapital5, a special purpose acquisition company (SPAC), announced stockholder approval for an extension to its business combination period. The extension allows the company to extend the deadline six times by one month each, from September 28, 2022, to March 28, 2023, with a deposit of $160,000 into the Trust Account for each month. The board believes this extension is necessary for completing a business transaction, as no target has been announced yet.