GigCapital5, Inc. announces closing date for business combination with QT Imaging

March 01, 2024
PALO ALTO, Calif.--(BUSINESS WIRE)--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.”


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.

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.