On 21 November 2022, GigInternational1, a Nasdaq-listed special purpose acquisition company (SPAC), announced that exclusivity under its non-binding term sheet with Convalt Energy had expired. GigInternational1 said it was ending business combination efforts.
Transaction timetable
GigInternational1 concluded that it could not complete a business combination within the time remaining under its amended certificate of incorporation without a further extension.
Monthly extension funding
Its sponsor indicated that it would not make the current or future monthly trust-account deposits needed to continue the previously approved month-by-month extensions.
Dissolution and liquidation
GigInternational1 announced that it would begin dissolving and liquidating its assets. These plans concerned the SPAC, not Convalt Energy.
Public shares and warrants
The SPAC said it would redeem all outstanding common shares originally included in its public offering units. Its warrants would expire worthless.
Announcement and filing
The release directed readers to GigInternational1’s Form 8-K filed that day. Dissolution, liquidation and redemption were described as forward-looking actions, rather than completed events.