PALO ALTO, Calif.–(BUSINESS WIRE)–GigCapital2, Inc. (NYSE: GIX.U) (www.GigCapital2.com)
(the “Company”) today announced that the underwriters, pursuant to the
terms of the underwriting agreement, exercised in full their previously
announced option to purchase 2,250,000 newly issued units to cover
over-allotments, and on June 13, 2019, purchased these additional units,
generating additional gross proceeds of $22,500,000. Following the
exercise of the over-allotment option, the total aggregate issuance by
the Company of 17,250,000 units at a price of $10.00 per unit resulted
in total gross proceeds of $172,500,000.
Each unit consists of one share of common stock, one right and one
warrant to purchase one share of common stock at a price of $11.50 per
share. Each right entitles the holder thereof to receive one-twentieth
(1/20) of one share of common stock upon the consummation of the
Company’s initial business combination. The units are listed on the New
York Stock Exchange (the “NYSE”) under the symbol “GIX.U”. Once the
securities comprising the units begin separate trading, the shares,
rights and warrants are expected to be traded on the NYSE under the
symbols “GIX”, “GIX RT”, and “GIX WS”, respectively.
The Company is a Private-to-Public Equity (PPE)™ company, also known as
a blank check company or special purpose acquisition company (SPAC). It
was sponsored by GigAcquisitions2, LLC, which was founded by
GigFounders, LLC (www.gigfoundersglobal.com),
each a member entity of the GigCapital Group, 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. The Company intends to
capitalize on the GigCapital Group’s experience and background in the
technology, media and telecommunications (TMT) industries and to target
TMT companies that are at the forefront of high technology and are
enabling the future evolution of intelligent systems and solutions (such
as data-intense mobility, autonomous platforms, smart sensor
applications, human interaction, unified data management and artificial
intelligence). The Company applies its unique “Mentor-Investor™”
philosophy to partner with its targets where it offers financial,
operational and executive mentoring in order to accelerate their growth
and development from a privately held entity to a fast growing publicly
traded company.
Dr. Avi Katz is the Executive Chairman, Secretary, President and Chief
Executive Officer of the Company, and is also the sole manager of
GigAcquisitions2, LLC.
EarlyBirdCapital, Inc. (“EarlyBird”) and Northland Securities, Inc.
(“Northland”) acted as joint book running managers and Odeon Capital
Group LLC acted as a co-manager for the offering.
A registration statement relating to these units and the underlying
securities has been declared effective by the U.S. Securities and
Exchange Commission (the “SEC”) on June 5, 2019.
A final prospectus relating to and describing the final terms of the
offering has been filed with the SEC and is available on the SEC’s
website located at http://www.sec.gov,
or may be obtained by contacting EarlyBirdCapital, Inc., 366 Madison
Avenue, 8th Floor, New York, NY 10017, Attn: Syndicate
Department, 212-661-0200; or by contacting Northland Securities, Inc.,
Attention: Heidi Fletcher, 150 South Fifth Street, Suite 3300,
Minneapolis, MN 55402, email hfletcher@northlandcapitalmarkets.com
or telephone (612) 851-4918. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Note Concerning Forward Looking Statements
This news release contains statements that constitute “forward-looking
statements,” including with respect to the initial public offering and
the anticipated use of the net proceeds. Forward-looking statements are
subject to numerous conditions, many of which are beyond the control of
the Company, including those set forth in the Risk Factors section of
the Company’s registration statement and prospectus for the Company’s
offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as required
by law.
“Private-to-Public Equity (PPE)” and “Mentor-Investor” are trademarks of
GigFounders, LLC, a member entity of the GigCapital Group and the
founder of GigAcquisitions2, LLC, used pursuant to agreement.
About The GigCapital Group
The GigCapital Group (GigCG) is a technology, media and
telecommunications (TMT) focused investment group led by an affiliated
team of technology industry corporate executives and entrepreneurs, and
TMT operational and strategic experts in the private and public markets,
including substantial, success-proven M&A and IPO activities. The group
deploys a unique Mentor-Investors methodology to partner with
exceptional TMT companies, managed by dedicated and experienced
entrepreneurs. The GigCG Private-to-Public Equity (PPE) companies (also
known as blank check companies or special purpose acquisition companies
(SPACs)) offer financial, operational and executive mentoring to U.S.
and overseas private, and non-U.S. public companies, in order to
accelerate their path from inception and as a privately-held entity into
the growth-stage as a publicly traded company in the U.S. The
partnership of GigCG with these companies continues through an organic
and roll-up strategy growth post the transition to a public company.
GigCG was launched in 2017 with the vision of becoming the lead
franchise in incepting and developing TMT Private-to-Public Equity (PPE)
companies. In late 2017, GigCG incepted its first Private-to-Public
Equity (PPE) company, GigCapital, Inc. (“GigCapital1”) (www.GigCapitalGlobal.com),
which conducted its IPO on December 7, 2017 (NYSE: GIG.U), raising
$125,00,000 in the base offering, which was increased to $143,750,000
with the underwriters exercise of their over-allotment option.
GigCapital1 was sponsored by GigAcquisitions, LLC, (“GigAcquisitions1”)
which was founded by GigFounders, LLC (www.gigfoundersglobal.com).
In February 2018, GigCapital1 announced the execution of a definitive
stock purchase agreement to acquire Kaleyra S.p.A. (www.kaleyra.com),
headquartered in Milan, Italy, a combination that GigCapital1 expects to
close during the 2nd half of 2019. In March 2019, GigCG launched
GigCapital2, Inc. (“GigCapital2”) (www.GigCapital2.com),
which conducted its IPO on June 5, 2019 (NYSE:GIX.U) for $150,00,000 in
the base offering, and raised an additional $22,500,000 as a result of
the underwriters’ exercise of the over-allotment option, for total gross
proceeds of $172,500,000. GigCapital2 is sponsored by GigAcquisitions2,
LLC, which was founded by GigFounders, LLC. GigCG pioneered the TMT
Private-to-Public Equity (PPE) methodology, focusing solely on
technology companies that are beyond the Private Equity Growth Stage and
are striving to be established as a publicly listed enterprise on the
NYSE. The GigCG Private-to-Public Equity (PPE) companies deploy a unique
methodological process to systematically search and target prospective
partners, generating a high-quality domestic and international
attractive funnel of potential business combination opportunities. All
GigCG members are financially involved in seeding the Private-to-Public
(PPE) entities and commit time to support the mission and initiatives of
GigCG to build a long-term industry leader Private-to-Public Equity
(PPE) franchise. GigCG is committed to partner and enable public
offerings of exceptional TMT companies being led by solid long term
committed leadership teams. For more on GigCG and its affiliates please
see www.GigCG.com.
Contacts
Investor Contact:
Darrow Associates, Inc.
Jim Fanucchi,
(408) 404-5400
ir@GigCapital2.com
