Kaleyra, Inc. (KLR), which recently combined with GigCapital, announced today their intention to exchange their outstanding public warrants for newly issued shares of KLR. No details were given just yet on the terms or at what price, but they intend to begin the warrant exchange prior to the end of the year.
Naturally, Kaleyra’s warrant price jumped fairly quickly to $1.00, where it is currently trading, so it looks like warrant holders are anticipating the exchange will be done at that price.
GigCapital worked especially hard to clean up it’s Rights ahead of it’s shareholder vote to combine with Kaleyra, and it appears Kaleyra is just as motivated to work on cleaning up its warrants. Kaleyra currently has 10,781,250 SPAC public warrants outstanding, but it’s unclear if the warrants included in the sponsor private placement units will be included in the exchange.
Exchange documents should be filed shortly if they intend to commence before year-end, so we should get those details shortly.