GigCapital, Inc. Announces its Intention to Commence a Cash Tender Offer for its Outstanding Rights

PALO ALTO, Calif.--(BUSINESS WIRE)--GigCapital, Inc., (NYSE: GIG, GIG.U, GIG.RT, and GIG.WS) (“GigCapital” or the “Company”) a Technology, Media and Telecom (TMT) Private-to-Public Equity (PPE)™ corporation, as previously announced, has entered into an agreement to combine with Kaleyra, S.p.A. (“Kaleyra”), and the Company has filed a preliminary proxy statement with the Securities and Exchange Commission (the “SEC”) seeking, among other things, stockholder approval of the proposed business combination with Kaleyra (the “Business Combination”), which is expected to close during the 4th quarter of 2019. The Company believes that the Business Combination represents an exceptional value for the Company’s existing stockholders when considered against the comparable company analysis set forth in the preliminary proxy statement filed with the SEC on July 31, 2019, and the investor presentation filed as definitive additional proxy materials with the SEC on August 2, 2019. The Company also believes that the expected redemption value of the Company’s common stock undervalues the post-Business Combination Company. Therefore, the Company believes that an efficient use of capital would include addressing the Company’s current capital structure, including its outstanding rights (NYSE: GIG.RT). For this reason, the Company announces its intent that concurrent with its future filing of the definitive proxy statement with the SEC for the special meeting related to the Business Combination, it will commence a cash tender offer for the outstanding rights which would be closed in conjunction with the closing of the Business Combination. Per SEC regulations, the exact terms and the date of commencement of the tender offer will be set forth in a tender offer statement to be filed with the SEC, coincident with the filing of the definitive proxy.