GigCapital6, the sixth blank check company formed by semiconductor veteran Avi Katz, lowered the proposed deal size for its upcoming IPO on Friday.
The Palo Alto, CA-based company now plans to raise $200 million by offering 20 million units at $10. The company originally filed in March 2021 to offer 35 million units at the same price. At the revised deal size, GigCapital6 will raise -43% less in proceeds than previously anticipated. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. The initial trust will now be overfunded at $10.15 per share.
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 Raluca Dinu, the former VP and General Manager of IDT's Optical Interconnects Division. GigCapital6 plans to target the TMT, cloud connectivity, artificial intelligence, aerospace and defense, biotechnology, and sustainable industries among other areas.
Katz's other SPACs include GigCapital5 (GIA.U; +3% from $10 offer price), which went public in September 2021; GigInternational1 (GIWWU; +3%), which went public in May 2021; February 2021 IPO GigCapital4, which completed its merger with BigBear.ai (BBAI; -50%) in December 2021; May 2020 IPO GigCapital3 which completed its merger with Lightning eMotors (ZEV; -58%) in May 2021; and June 2019 IPO GigCapital2, which completed it merger with digital health and telemedicine companies UpHealth and Cloudbreak Health (UPH; -81%) in June 2021.
GigCapital6 was founded in 2021 and plans to list on the NYSE under the symbol GIF.U. Wells Fargo Securities is the sole bookrunner on the deal.
