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.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...