GigCapital5, the fifth blank check company led by semiconductor veteran Avi Katz, filed on Tuesday with the SEC to raise up to $350 million in an initial public offering.
The Palo Alto, CA-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, GigCapital5 would command a market value of $449 million.
The company was formed by Executive Chairman Avi Katz, who previously co-founded and led semiconductor company GigPeak until its sale to Integrated Device Technology (IDT), and CEO and Director Raluca Dinu, the former VP and General Manager of IDT's Optical Interconnects Division. GigCapital5 plans to target the TMT, aerospace and defense, intelligent automation, and sustainable industries.
Katz's previous SPACs include February 2021 IPO GigCapital4 (GIGGU; +0% from $10 offer price); May 2020 IPO GigCapital3 (GIK; +15%), which has a pending merger agreement with Lightning eMotors; June 2019 IPO GigCapital2 (GIX; +1%), which has a pending merger agreement with digital health and telemedicine companies UpHealth and Cloudbreak Health; and December 2017 IPO GigCapital, which completed its merger with CPaaS provider Kaleyra (KLR; +68%) in November 2019.
GigCapital5 was founded in 2021 and plans to list on the NYSE under the symbol GIA.U. The SPAC filed confidentially on February 23, 2021. Oppenheimer & Co. and William Blair are the joint bookrunners on the deal.
