GigCapital7(GIGGU) shares slipped in their NASDAQ debut on Thursday, Aug. 29, 2024, after the SPAC downsized its IPO by 20 percent at pricing and raised $200 million on Wednesday night. GigCapital7 Corp.’s stock opened at $9.94 – down 6 cents from its $10.00 IPO price – at 10:03 a.m. EDT on Thursday, Aug. 29, on NASDAQ volume of 664,751 shares, according to NASDAQ records. At around 12:30 p.m. EDT, GigCapital7 shares were trading at $9.95 on volume of 5,494,560 shares.
GigCapital7 Corp.’s stock ended its first day of NASDAQ trading right where it started – closing on Thursday, Aug. 29, 2024, at $9.94 – down 6 cents or 0.6 percent – on volume of 8,469,561 shares. GigCapital7 Corp.’s stock stayed in a narrow range – from a low at $9.93 to a high at $9.97 – on its first day of NASDAQ trading.
At pricing, GigCapital7’s SPAC IPO was cut to 20.0 million units – down from 25.0 million units in the prospectus – and priced at $10.00 – to raise $200.0 million on Wednesday night, Aug. 28, 2024.
Craft Capital Management and EF Hutton were the joint book-runners.
GigCapital7, based in Palo Alto, California, intends to focus on companies in the technology, media, and telecommunications (“TMT”) sector, artificial intelligence and machine learning (“AI/ML”), cybersecurity, medical technology and medical equipment (“MedTech”), semiconductors and sustainable industries, according to the prospectus.
Avi Katz, a serial SPAC entrepreneur, is the CEO and chairman of GigCapital 7. He is the co-founder and former CEO of GigPeak, a semiconductor company.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.
