GigCapital7 Corp. has successfully completed its initial public offering (IPO) on August 30, 2024. The company sold 20 million units at $10.00 each, generating $200 million in gross proceeds. Each unit includes one Class A ordinary share and one redeemable warrant, with each warrant allowing the purchase of one ordinary share at $11.50. Additionally, the company offered the underwriters a 45-day option to buy up to 3 million extra units to cover over-allotments.
Concurrently, it also issued Class B ordinary shares in a private sale to certain institutional investors, generating an additional $3.25 million. The IPO's closing also saw the private sale of private warrants to its sponsor, with specific terms for redemption and exercise.
In correspondence with the IPO, the company entered into several agreements which include an Underwriting Agreement with Craft Capital Management, a Warrant Agreement with Continental Stock Transfer & Trust Company, and several indemnity agreements with various directors and their Chief Executive Officer, Dr. Avi S. Katz, and Chief Financial Officer, Christine M. Marshall.
Furthermore, on August 28, 2024, the company adopted its First Amended and Restated Memorandum and Articles of Association. The newly raised funds have been placed into a trust account, with specified conditions for their release.
New appointments to the company's board's Audit, Compensation, and Nominating and Corporate Governance Committees have also been announced.
Proper Names Mentioned: - GigCapital7 Corp. - Craft Capital Management, LLC - Continental Stock Transfer & Trust Company - GigAcquitions7 Corp. (Sponsor) - EF Hutton, LLC - GigManagement, LLC - Dr. Avi S. Katz - Christine M. Marshall - Raanan I. Horowitz - Adrian Zuckerman - Darius Moshfeghi - Karen Rogge - JPMorgan Chase Bank, N.A.