GigCapital2, Inc., (NYSE: GIX, GIX.U, GIX.RT, and GIX.WS), a
Private-to-Public Equity (PPE)™ company created to enable an
excellent late-stage growth private company primarily in the
Technology, Media, and Telecommunications (TMT) markets to become
public, today issued the following letter to its stockholders:
To Our Valued GigCapital2 (GIG2) Private-to-Public Equity (PPE)™
SPAC Stockholders,
As we share this letter as part of our recently filed Annual
Report on Form 10-K for fiscal year 2019, we collectively find
ourselves in a time of significant global uncertainty and angst
surrounding the COVID-19 pandemic. Here in the heart of Silicon
Valley, as in many locations in the USA and around the globe, we
have been under a shelter-in-place advisory since the middle of
March with no timeline as to when the advisory will be lifted.
These are indeed extraordinary times for all of us.
With the COVID-19 pandemic being on top of mind for all of us,
we wanted to reassure our stockholders that the pandemic has not
impacted or hampered our business and our efforts to find an ideal
partner for a business combination. Since the IPO of GIG2 in June
of 2019, our team has literally contacted thousands of companies
across all continents and various industries, and we constantly
continue to expand our pipeline of potential combination
targets.
That being said, we wanted to share with you some observations
on the overall market conditions which may impact our efforts to
quickly close a business combination:
- During this disruption in the capital markets, the traditional
pathways to becoming a publicly traded company are constricted,
more so within the universe of late-growth stage private companies
that were actively entertaining the potential of going public by
way of a combination with GIG2. For some of these companies, their
business has been significantly impacted by the COVID-19 pandemic,
and hence, they have reprioritized their activities to focus on
tactical tasks and resource management while pushing out the option
of becoming a public company to a later date.
- Also, as of this writing, the number of new Form S-1
registration statement filings with the SEC has declined
dramatically. Many companies that were planning for an IPO are now
in a holding pattern. This may lead to a greater interest in our
Private-to-Public Equity (PPE) platform. Based on the growing
awareness of GIG2 within the financial and business communities, we
are more confident that our Private-to-Public Equity (PPE) platform
is becoming an increasingly attractive vehicle for companies
looking to go public. This is even more the case in these
challenging times when the time to public trading initiation is
even more critical.
- Our “IPO-in-a-box” Private-to-Public Equity (PPE) methodology
provides an alternative to the lengthy traditional IPO process. Our
process is relatively fast – certainly faster than the current
conditions for going public if a company is just commencing the
process – while we believe likely offering much lower risk for
actually achieving a public listing. By design, the
Private-to-Public Equity (PPE) method of becoming public will not
disrupt the structure of a company, its growth trajectory nor the
opportunity of the existing management to continue to operate a
company in the manner that has contributed to its previous
success.
- In addition to a speedy process to become public, companies
partnering with GIG2 benefit from our management team and advisory
board through our Mentor-Investor™ methodology. Our leadership team
and advisory board members will partner with the combined company
in a collaborative manner to bring significant management,
operating, finance, deal-making and industry relationships that
give any prospective combination partner many competitive
advantages.
- Validating this process is the successful combination between
GigCapital (GIG1) and Kaleyra S.p.A, now Kaleyra, Inc. (NYSE
American: KLR) (KLR WS), which closed on November 25, 2019. Our
platform provided the key benefit of preparing KLR to become a
listed company on a US National Exchange and quickly becoming a
publicly traded company. It also included invaluable assistance and
guidance to the existing management before, through and following
the combination, allowing them to continue focusing on their
business and growing the enterprise.
While we continue to track and adapt to the rapidly changing
market conditions, we want to emphasize that as a stockholder you
should have confidence that you have invested in a resilient
organization whose leadership is accustomed to rapid change and
that has successfully navigated the last 40 years of both domestic
and global economic, social and political turmoil. The team has
sailed through “rough waters” in the past and is doing so again. In
fact, the GigCapital Global team is busier than ever before in
screening and engaging with an ever growing number of excellent
technology companies world-wide, as we use the new reality of the
shelter-in-place advisory to significantly enhance our
effectiveness and bonding as a team.
We want to express our gratitude and thanks on behalf of the
entire GigCapital Global team for your continued confidence and
trust and wish for all of you, your families and friends safe and
healthy days in the weeks to come.
Warmest Regards,
Dr. Raluca Dinu Chief Executive Officer and President
GigCapital2, Inc
Dr. Avi Katz Executive Chairman of the BOD GigCapital2, Inc.
About GigCapital Global and GigCapital2, Inc.
GigCapital Global (GigCG) is a technology, media and
telecommunications (TMT) focused investment group led by an
affiliated team of technology industry corporate executives and
entrepreneurs, and TMT operational and strategic experts in the
private and public markets, including substantial, success-proven
M&A and IPO activities. The group deploys a unique
Mentor-Investors methodology to partner with exceptional TMT
companies, managed by dedicated and experienced entrepreneurs.
GigCG Private-to-Public Equity (PPE) companies (also known as blank
check companies or special purpose acquisition companies (SPACs))
offer financial, operational and executive mentoring to U.S. and
overseas private, and non-U.S. public companies, in order to
accelerate their path from inception and as a privately-held entity
into the growth-stage as a publicly traded company in the U.S. The
partnership of GigCG with these companies continues through an
organic and roll-up strategy growth post the transition to a public
company. GigCG was launched in 2017 with the vision of becoming the
lead franchise in incepting and developing TMT Private-to-Public
Equity (PPE) companies. For more information, visit
www.gigcapitalglobal.com.
GigCapital2, Inc. (NYSE: GIX, GIX.U, GIX.RT, and GIX.WS), is one
of the GigCG Private-to-Public Equity (PPE)™ companies.
“Private-to-Public Equity (PPE)” and “Mentor-Investor” are
trademarks of GigFounders, LLC, used pursuant to agreement.
Note Concerning Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding our or our management
team’s expectations, hopes, beliefs, intentions, plans, prospects
or strategies regarding the future, including possible business
combinations. Any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on our current
expectations and beliefs concerning future developments and their
potential effects on us. There can be no assurance that future
developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond our control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements. Should one or more of these risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. Additional factors
that could cause actual results to differ are discussed under the
heading “Risk Factors” and in other sections of GigCapital2’s
filings with the SEC, including its Form 10-K, and in GigCapital2’s
current and periodic reports filed or furnished from time to time
with the SEC. All forward-looking statements in this press release
are made as of the date hereof, based on information available to
GigCapital2 as of the date hereof, and GigCapital2 assumes no
obligation to update any forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200330005710/en/
Darrow Associates, Inc. Jim Fanucchi, (408) 404-5400
ir@GigCapital2.com
GigCapital2 (NYSE:GIX.WS)
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