GigCapital6, the sixth blank check company formed by semiconductor veteran Avi Katz, withdrew its plans for an initial public offering on Tuesday. It had most recently filed to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-half of a warrant. It had not updated its prospectus since January.
The company was set to be led 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 had planned 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; +2% from $10 offer price), which went public in September 2021 and recently announced its pending merger with medical imaging provider QT Imaging in December 2022; GigInternational1 (GIWWU; +1%), which went public in May 2021; February 2021 IPO GigCapital4, which completed its merger with BigBear.ai (BBAI; -91%) in December 2021; May 2020 IPO GigCapital3 which completed its merger with Lightning eMotors (ZEV; -95%) in May 2021; and June 2019 IPO GigCapital2, which completed its merger with digital health and telemedicine companies UpHealth and Cloudbreak Health (UPH; -98%) in June 2021.
The Palo Alto, CA-based company was founded in 2021 and had planned to list on the NYSE under the symbol GIF.U. Wells Fargo Securities was set to be the sole bookrunner on the deal.
