This morning, GigCapital, Inc. (GIG), released the details of their shareholder vote to approve their extension deadline to December 12, 2019, from June 12, 2019. As a result, the Sponsor and Founders will be contributing $240,000 to GigCapital’s Trust account for each calendar month that is needed to complete their business combination with Kaleyra.
Per the 8-K, 6,825,464 shares of the Company’s common stock elected to redeem, which represents approximately 47.5% of the IPO shares. That means roughly $77.6 million will remain in the trust account, down from their estimated $148 million held in trust before the vote.
Additionally, the 8-K states that 11,636,542 shares of Common Stock will remain issued and outstanding, so if we deduct the promote shares and at-risk capital shares included in the at-risk units, we are left with 7,544,536 public shares. That also means, the per-share contribution amount to the trust each month going forward will be $0.0318.
GigCapital previously stated they will be contributing the $240,000 to their trust account by June 12th.