GigCapital5, Inc. Confirms Receipt of Sponsor Funds to Extend Period of Time to Consummate Business Combination and for Additional Working Capital
In consideration for the deposit, the Company has amended and restated the existing unsecured non-convertible interest free promissory note to include the additional loan amount, so the aggregate principal amount under such promissory note was increased to the total of $1,460,000.
- In consideration for the deposit, the Company has amended and restated the existing unsecured non-convertible interest free promissory note to include the additional loan amount, so the aggregate principal amount under such promissory note was increased to the total of $1,460,000.
- Such principal amount will be repaid in connection with the closing of GigCapital5’s initial business combination.
- In addition, on July 25, 2023, the Company amended and restated the existing working capital promissory note issued to the Sponsor to include the additional loan amount of $65,000, so the aggregate principal amount under such working capital promissory note was increased to the total of $1,065,000.
- The promissory note is non-interest bearing and may be converted at the Sponsor’s election upon the consummation of the initial business combination into units identical to the private placement units issued in connection with the Company’s initial public offering at a price of $10.00 per unit.