GigCapital (GIG) Releases Shareholder Vote Info

This morning, GigCapital, Inc. (GIG), released the details of their shareholder vote to approve their extension deadline to December 12, 2019, from June 12, 2019. As a result, the Sponsor and Founders will be contributing $240,000 to GigCapital’s Trust account for each calendar month that is needed to complete their business combination with Kaleyra.

Per the 8-K, 6,825,464 shares of the Company’s common stock elected to redeem, which represents approximately 47.5% of the IPO shares. That means roughly $77.6 million will remain in the trust account, down from their estimated $148 million held in trust before the vote.

Additionally, the 8-K states that 11,636,542 shares of Common Stock will remain issued and outstanding, so if we deduct the promote shares and at-risk capital shares included in the at-risk units, we are left with 7,544,536 public shares.  That also means, the per-share contribution amount to the trust each month going forward will be $0.0318.  

GigCapital previously stated they will be contributing the $240,000 to their trust account by June 12th.