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

Press releases may be edited for formatting or style | March 01, 2024 Business Affairs
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.”

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