Lots of Gig News Tonight…
Gig Capital (GIG) filed multiple documents tonight, so a summary of each has been provided below.
Termination Date Extended
Gig filed an 8-K tonight announcing that they have officially moved their Outside Date (when the Purchase Agreement can be terminated) from September 24, 2019 to December 12, 2019. There was never really any danger of this deal being terminated today, but we now “officially” have a new termination date. Hopefully, we should have a shareholder vote date to complete well ahead of that, but most likely it will take place around mid-November.
Cash Tender Offer of Rights
Post-announcement of Gig’s LOI with Greenhaven to hold Gig’s Rights Shares 60 days post-closing of Gig’s combination with Kaleyra (at which point Gig will buy them back), tonight Gig also cleared up its intention to continue with its cash tender offer of its Rights. There was a bit of a question mark yesterday as to whether the tender was off in lieu of the Greenhaven announcement, but it is now clearly still on. Gig wants to mop up as many Rights Shares as it can. However, we still do not have a tender offer document with all of the details, i.e., at what price Gig will tender those Rights. However, if Gig intends to close before December 12th (see above), they should be filing tender offer documents relatively shortly. As soon as that information is filed, an update will be provided.
New Proxy
Lastly, Gig filed a new Preliminary Proxy this evening, but it was essentially to include the Greenhaven announcement. However, you can find the new proxy statement HERE.
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