GigCapital3, the third blank check company from semiconductor veteran Avi Katz, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering. GigCapital3 is calling itself a Private-to-Public Equity (PPE) company, a term its sponsor has trademarked.
The Palo Alto, CA-based company plans to raise $200 million by offering 20 million units at a price of $10. Each unit consists of one common share and one half of a redeemable warrant, exercisable at $11.50. The sponsor and underwriters intend to purchase $7.5 million worth of units in a concurrent private placement, while anchor investor Cohen & Company intends to buy $17 million on the offering. At the proposed terms, GigCapital3 would command a market value of $258 million.
The SPAC is led by Chairman and CEO Avi Katz whose 2017 IPO, GigCapital, completed its acquisition of Kaleyra (KLR) in 2019, and followed it up with 2019 SPAC IPO GigCapital2 (GIX.U).
The Pal Alto, CA-based company was founded in 2020 and NYSE under the symbol GIK.U. Nomura Securities and Oppenheimer & Co. are the joint bookrunners on the deal.
