Gesher I (GIAC) Shareholders Approve Freightos Deal

Gesher I (NASDAQ:GIAC) announced in an 8-K this afternoon that its shareholders approved its combination with global freight booking and payment platform Freightos at a special meeting held earlier today.

The deal was overwhelmingly approved with holders of 11,819,340 shares voting in favor of the deal and just 718,099 shares against it.

89.46% of shareholders holding an aggregate of 10,287,844 GIAC ordinary shares exercised their right to redeem at approximately $10.26 per share, or $105,569,819.30 in the aggregate. The remaining amount in the trust account was used to fund certain expenses incurred by Gesher and Freightos in connection with the deal, after payment of deferred underwriting commissions in connection with Gesher’s initial public offering, and will be used for general corporate purposes of Freightos following the transaction.

The parties were able to close the deal today and the combined company’s shares and warrants will soon begin trading on Nasdaq under the symbols “CRGO” and “CRGOW,” respectively.

Gesher I announced its $436 million deal with Freightos in June 2022. Jerusalem-based Freightos connects participants across the international freight ecosystem through a transparent digital platform that allows real-time global freight rate comparison, booking, and shipment management.