GigInternational1 Announces Expiration of Exclusivity of Term Sheet with Convalt Energy, Inc.

Source: www.gulfoilandgas.com 11/21/2022, Location: North America

GigInternational1, Inc., a publicly traded special purpose acquisition company, announced that the exclusivity provision of its previously announced non-binding term sheet with Convalt Energy, Inc. has expired and that it is ceasing the business combination efforts.

Because GigInternational1 doesnít believe that it will be able to consummate a business combination within the remaining time available to it under its amended and restated certificate of incorporation, as amended, and without any further extension, GigInternational1 will now commence the process of dissolving and liquidating its assets. Additionally, GigInternational1ís sponsor has indicated that it does not intend to deposit the current and future necessary monthly funds to the trust account to extend month-by-month the time to consummate a business combination pursuant to the previously obtained extension of time to consummate such a business combination. In accordance with GigInternational1ís amended and restated certificate of incorporation, as amended, the company will redeem all of the outstanding shares of its common stock that were included in the units issued to the public in its initial public offering. GigInternational1ís warrants will expire worthless.


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