QT Imaging Holdings, Inc. Expected to Begin
Trading on Nasdaq Under Ticker Symbols “QTI” on March 5,
2024
GigCapital5, Inc. (“GigCapital5”; Nasdaq: GIA), a
Private-to-Public Equity (PPE)™ entity also known as special
purpose acquisition company (“SPAC”), today announced that the
completion of their previously announced business combination (the
“Business Combination”) with QT Imaging, Inc. (“QT Imaging”), a
technology company engaged in an innovative automated breast
imaging system producing high-resolution transmission ultrasound
images, will take place on March 4, 2024. The Business Combination
was approved at an Annual Meeting of GigCapital5’s stockholders on
February 20, 2024. Upon completion of the Business Combination, the
combined company will change its name to QT Imaging Holdings, Inc.
(“QT Imaging Holdings”). QT Imaging Holdings’ shares of common
stock are expected to commence trading on the Nasdaq on March 5,
2024 under the new ticker symbols “QTI”.
QT Imaging is a medical device company engaged in the research,
development and commercialization of innovative body imaging
systems using low energy sound. Supported by a team with
well-established roots in the medical device and healthcare
industries, QT Imaging’s technologies leverage unprecedented
detection and monitoring capabilities and premarket FDA clearance,
and its safe, affordable, and accessible treatments are poised to
tackle critical healthcare challenges with accuracy and precision.
The Company is well positioned to leverage the significant growth
opportunities in the patient, medical professional, and teaching
hospital markets.
Dr. John Klock, Chief Executive Officer of QT Imaging, said,
“The completion of our business combination with GigCapital5 and
emergence as a publicly-traded company is a landmark achievement
for QT Imaging, and one that we would not have reached without the
hard work and focus of our dedicated employees and the support of
our partner, GigCapital5.”
Dr. Raluca Dinu, Founding Managing Partner of GigCapital Global
and CEO of GigCapital5, said, “The GigCapital team is very proud to
have closed our fifth business combination, GigCapital5 with QT
Imaging. We stand committed to our mission to guide brilliant teams
like QT Imaging as they navigate the journey of becoming a major
public enterprise. We are pleased to continue to actively support
QT Imaging's growth as part of its Board of Directors and in any
other capacity that may be required, as the company enters its next
phase of innovation, commercialization, and growth, and we believe
it is very well positioned to address rapidly growing customer
demand for solutions that augment medical imaging for critical
detection, diagnosis, and treatment of disease.”
Dr. Avi Katz, Founding Managing Partner of GigCapital Global and
Executive Chairman of the Board of GigCapital5, said, “We are
excited about the partnership with QT Imaging. This combination is
yet again a successful demonstration of our Private-to-Public
Equity (PPE)™ method and our mission to be involved in enterprises
that seek to improve the life quality and equality of our planet
inhabitants, where we actively partner with leading innovators and
differentiators of privately-held high-tech companies on the next
chapter of their journey as a fast-growing public company.”
Advisors
Exit Strategy Partners, LLC introduced the parties and advised
QT Imaging, Inc. in the transaction. Brown Rudnick LLP is serving
as legal counsel and BPM LLP is serving as auditor to QT Imaging.
William Blair is serving as Capital Markets Advisor, DLA Piper LLP
(US) is serving as legal counsel, and BPM LLP is serving as
auditors to GigCapital5.
About QT Imaging Holdings
QT Imaging is a medical device company founded in 2012 and
engaged in the research, development, and commercialization of
innovative body imaging systems using low energy sound. QT Imaging
believes that medical imaging is critical to the detection,
diagnosis, and treatment of disease and that it should be safe,
affordable and accessible and its goal is to improve global health
outcomes through the development and commercialization of imaging
devices that address critical healthcare challenges with accuracy
and precision. For more information, please visit:
http://QTimaging.com.
About GigCapital5
GigCapital5, Inc. is a Private-to-Public Equity (PPE)™ company,
also known as a blank check company or special purpose acquisition
company (SPAC), focusing on the technology, media and
telecommunications (TMT) and sustainable industries. It was
sponsored by GigAcquisitions5, LLC, which was founded by
GigFounders, LLC, each a member entity of GigCapital Global, and
formed for the purpose of entering into a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization
or similar business combination with one or more businesses.
“Private-to-Public Equity (PPE)” is a trademark of GigFounders,
LLC, an affiliate GigCapital5, and are used pursuant to
agreement.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including the business combination between GigCapital5 and
QT Imaging Holdings and the closing of those transactions, and
statements regarding QT Imaging Holdings ’s management team’s
expectations, hopes, beliefs, intentions, plans, prospects or
strategies regarding the future, including possible business
combinations, revenue growth and financial performance, product
expansion and services. Any statements contained herein that are
not statements of historical fact may be deemed to be
forward-looking statements. In addition, any statements that refer
to projections, forecasts or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on our current
expectations and beliefs made by the management of GigCapital5 and
QT Imaging in light of their respective experience and their
perception of historical trends, current conditions and expected
future developments and their potential effects on QT Imaging and
GigCapital5 as well as other factors they believe are appropriate
in the circumstances. There can be no assurance that future
developments affecting QT Imaging Holdings or GigCapital5 will be
those that we have anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
the control of the parties) or other assumptions that may cause
actual results or performance to be materially different from those
expressed or implied by these forward-looking statements, including
regulatory approvals, the ability of the post-combination company
to meet the Nasdaq listing standards, product and service
acceptance, and that QT Imaging Holdings will have sufficient
capital to operate as anticipated. Should one or more of these
risks or uncertainties materialize, or should any of our
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
Additional factors that could cause actual results to differ are
discussed under the heading “Risk Factors” and in other sections of
GigCapital5’s filings with the SEC, and in GigCapital5’s current
and periodic reports filed or furnished from time to time with the
SEC. All forward-looking statements in this press release are made
as of the date hereof, based on information available to
GigCapital5 and QT Imaging Holdings as of the date hereof, and
GigCapital5 and QT Imaging Holdings assume no obligation to update
any forward-looking statement, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20240229352780/en/
For GigCapital5: ICR Brian Ruby Brian.ruby@icrinc.com
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