GigCapital9 Corp., the newest special purpose acquisition company (SPAC) helmed by seasoned sponsor Avi Katz, made its public debut Tuesday, raising $220 million through its initial public offering. The Palo Alto-based firm began trading on the Nasdaq under the ticker GIXXU.
Strategic SPAC Offering
The company sold 22 million units at $10 each. Each unit consists of one Class A ordinary share and one right to receive one-fifth of an additional Class A share. Underwriters have been granted a 45-day option to purchase up to 3.3 million more units to cover potential over-allotments. The offering is slated to close Wednesday.
DLA Piper provided legal counsel to GigCapital9, while Harney Westwood & Riegels LLP handled Cayman Islands legal matters. Lucosky Brookman LLP advised the IPO underwriters.
Focused on High-Tech Growth
SPACs, often dubbed “blank check” companies, raise capital through IPOs to acquire private firms and take them public. GigCapital9 plans to target industries aligned with its management team’s expertise. According to a U.S. Securities and Exchange Commission filing, the firm is zeroing in on aerospace and defense services, technology, media, and telecommunications—particularly companies specializing in cybersecurity and secure communications—and businesses developing artificial intelligence and machine learning solutions.
