GigCapital, Inc. (NYSE: GIG.U) a Delaware corporation that is an emerging-growth blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses, also known as a Special Purpose Acquisition company, or SPAC, has announced that the underwriters, pursuant to the terms of the underwriting agreement, exercised in full their previously announced option to purchase 1,875,000 newly issued units to cover over-allotments, and on January 9, 2018, purchased these additional units, generating additional gross proceeds of USD 18,750,000, the company said.
The total aggregate issuance by the company of 14,375,000 units at a price of USD 10.00 per unit resulted in total gross proceeds of USD 143,750,000.
Each unit consists of one share of common stock, one right and three-fourths (3â4) of one warrant to purchase one share of common stock for an exercise price of USD 11.50 per whole share of common stock. Only whole warrants are exercisable. Each right entitles the holder thereof to receive one-tenth (1â10) of one share of common stock upon the consummation of the company´s initial business combination.
Cowen and Chardan acted as bookrunners for the offering.
GigCapital is a blank check, emerging-growth company (known also as a Special Purpose Acquisition company, or SPAC), based in Palo Alto, California. The company was formed in October 2017 for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses, as soon as the appropriate opportunity is identified.