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GigCapital5, Inc. ("GigCapital5" or the "Company") (NYSE:GIA, GIA, GIA.WS))))), a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase reorganization or similar business combination with one or more businesses or entities, today announced that its stockholders approved an extension of the date by which it has to consummate a business combination, allowing the Company to extend such date six (6) times for an additional one (1) month each time, from March 28, 2023 to September 28, 2023 (the date which is 24 months from the closing date of GigCapital5's initial public offering) (the extension, the "Extension").
Accordingly, GigCapital5's Trust Account has been funded with a $100,000 payment for the one-month extension period. In consideration for the deposit, the Company has amended and restated the existing unsecured non-convertible interest free promissory note to include the additional loan amount, so the aggregate principal amount under such promissory note together with similar deposits made on September 26, 2022, October 26, 2022, November 28, 2022, December 27, 2022, January 25, 2023, and February 27, 2023, was increased to the total of $1,060,000. Such principal amount will be repaid in connection with the closing of GigCapital5's initial business combination. As a result of the deposits into the Trust Account, the period of time that GigCapital5 has to consummate a business combination has been extended by a month to April 28, 2023.
In addition, on March 28, 2023, the Company amended and restated the existing working capital promissory note issued to the Sponsor to include the additional loan amount of $130,000, so the aggregate principal amount under such working capital promissory note was increased to the total of $805,000. The promissory note is non-interest bearing and may be converted at the Sponsor's election upon the consummation of the initial business combination into units identical to the private placement units issued in connection with the Company's initial public offering at a price of $10.00 per unit.
Posted In: GIA
