GigCapital3, the third blank check company led by semiconductor veteran Avi Katz, raised $200 million by offering 20 million units at $10. Anchor investor Cohen & Co indicated on $17 million of the IPO (9% of the deal).
Units consist of one share of common stock and 3/4 of one warrant exercisable at $11.50. The SPAC originally filed to offer units with 1/2 warrants, but improved terms for IPO investors in a recent amendment, and yesterday announced that its sponsor and underwriter would over-fund the trust at $10.10 per unit.
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The SPAC plans to acquire and operate a business with an enterprise valuation larger than $500 million in the technology, media and telecommunications (TMT) industry.
The SPAC is led by Chairman and CEO Avi Katz whose 2017 IPO, GigCapital, completed its acquisition of Italy-based cloud communication platform Kaleyra (KLR) in 2019 and closed at $6.50 on May 13, while his 2019 IPO, GigCapital2 (GIX.U), closed at $10.45. Prior to his work with SPACs, Avi Katz co-founded GigPeak in 2007 and served as its CEO until its 2017 sale to IDT.
GigCapital3 plans to list on the NYSE under the symbol GIK.U. Nomura Securities and Oppenheimer & Co. acted as lead managers on the deal.
