GigCapital3, Inc. (NYSE: GIK.U) has announced that holders of the Company´s public units may elect to separately trade the common stock and warrants underlying such public units commencing on July 2, 2020, the company said.
Each unit consists of one share of common stock and three-fourths (3/4) of one redeemable warrant of the Company. Each whole warrant entitles the holder to purchase one share of common stock of the Company at a price of USD 11.50 per share. For each public unit, one share of common stock and three-fourths (3/4) of one warrant will be issued.
Because, pursuant to the warrant agreement, the warrants may only be exercised for a whole number of shares, only a whole warrant may be exercised at any given time. Accordingly, unless a holder of public units owns and separates in increments of four units, such holder will receive and be able to trade only whole warrants (to the extent that the holder owns and separates in increments of more than one unit), and will forfeit any fractional warrants upon separation of the units.
Those public units not separated will continue to trade under the symbol “GIK.U”. The common stock and warrants are expected to trade under the symbols “GIK” and “GIK.WS”, respectively. Holders of the public units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company´s transfer agent, in order to separate the public units into shares of common stock and warrants.
GigCapital3 is a Private-to-Public Equity (PPE)™ company, also known as a blank check company or special purpose acquisition company (SPAC), focusing on the technology, media and telecommunications (TMT) industry. It is sponsored by GigAcquisitions3, LLC, which was founded by GigFounders, LLC, each a member entity of GigCapital Global, and 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.