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GigInternational1, Inc. has announced a $200,000 deposit into its Trust Account, extending the business combination deadline to October 21, 2022. This follows a similar deposit made on August 19, 2022, ensuring the company can proceed with its merger plans.
The company is focused on technology, media, telecommunications, aerospace, and defense sectors, primarily in Europe and Israel. The extension could allow it to finalize a merger with Convalt Energy, Inc. by February 21, 2023.
GigInternational1, Inc. (NASDAQ: GIW) has announced a non-binding term sheet to merge with Convalt Energy, Inc., aiming for Convalt to become a public renewable energy manufacturing and power generation firm. Convalt specializes in solar panels, generating renewable energy, and providing engineering services. They plan to produce 900 MW of solar panels at a new facility in Watertown, NY, with operations expected to begin by Q3 2023. This merger is supported by local governments and federal incentives under the Inflation Reduction Act.
GigInternational1, a blank check company, announced stockholder approval for an extension to finalize a business combination until February 21, 2023. This allows for six one-month extensions from the initial closing date of its public offering. A $200,000 payment has been made for the first month. The board believes the extension is essential for completing a transaction, as no business combination has yet been announced. GigInternational1 focuses on potential targets in technology, media, aerospace, mobility, and semiconductor sectors, primarily in Europe and Israel.
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