GigCapital5, the fifth blank check company led by semiconductor veteran Avi Katz, lowered the proposed deal size for its upcoming IPO on Monday.
The Palo Alto, CA-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 35 million units at the same price. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, GigCapital5 will raise -43% less in proceeds than previously anticipated.
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.
GigCapital5 was founded in 2021 and plans to list on the NYSE under the symbol GIA.U. Wells Fargo Securities and William Blair are the joint bookrunners on the deal.
