Gesher I Acquisition Corporation (NASDAQ:GIAC) announced this morning that it has proactively received another $10 million backstop, just weeks after adding adding an initial $10 million backstop and tweaking its forward-purchase agreement (FPA).
The latest sourcing of capital comes from Composite Analysis Group, Inc., an affiliate of Safer Logistics, LLC, to backstop redemptions by shareholders of Gesher if certain minimum cash conditions are not met. In exchange for the commitment, Gesher has agreed to issue and sell to Composite 1,000,000 ordinary shares at a purchase price of $10 per share and 100,000 warrants.
The SPAC listed in October 2021 with a $45 million FPA and recently amended this to note that its lead forward purchaser, M&G Investment Management Limited, is in for $40 million in units at $10 per unit, but it remains unclear if this is a change in the total amount of the FPA. M&G has agreed to provide $10 million to backstop redemptions in exchange for 500,000 additional warrants.
The recently tweaked terms and additional committed capital could indicate that a deal announcement is on the horizon for Gesher I as such changes are usually lined up with a concrete deal. The SPAC intends to focus on target businesses in the mobility, autonomy and robotics, and fintech industries that are located in Israel, particularly those that conduct business internationally in Asia, Europe or North America.
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