Exhibit 99.1
GigCapital5, Inc. Announces Stockholder Approval of Extension Amendment to the Amended and Restated Certificate of Incorporation and
Investment Management Trust Agreement
Palo Alto, CA September 29, 2023 GigCapital5, Inc. (GigCapital5 or the
Company) (Nasdaq: GIA), a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase
reorganization or similar business combination with one or more businesses or entities, today announced that its stockholders approved an extension of the date by which it has to consummate a business combination, allowing the Company to extend such
date one (1) time from September 28, 2023 (the date which is 24 months from the closing date of GigCapital5s initial public offering) until December 31, 2023 (the extension, the Extension).
About GigCapital5
GigCapital5 is a blank check company,
also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase reorganization or similar business combination with one or more
businesses or entities. While GigCapital5s efforts to identify a target business may span many industries, the focus of GigCapital5s search is for prospects within the technology, media and telecommunications, aerospace and defense,
advanced medical equipment, intelligent automation and sustainable industries. GigCapital5 was sponsored by GigAcquisitions5, LLC, which was founded by GigFounders, LLC, each a member entity of GigCapital Global, and formed for the purpose of
entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses.
On December 8, 2022, GigCapital5 entered into a Business Combination Agreement (as amended, the Business Combination Agreement or
BCA) with QTI Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of GigCapital5 (Merger Sub), and QT Imaging (the transactions contemplated by the Business Combination Agreement, the Business
Combination). Pursuant to the terms of the Business Combination Agreement, Merger Sub will merge with and into QT Imaging (the Merger), with QT Imaging as the surviving company in the Merger (the Surviving Corporation),
and after giving effect to the Merger, the Surviving Corporation will be a wholly owned subsidiary of GigCapital5, which will be renamed as QT Imaging Holdings, Inc. (QTI Holdings).
Additional Information and Where to Find It
In
connection with the proposed Business Combination, GigCapital5 filed with the Securities and Exchange Commission (the SEC) a registration statement on Form S-4 (together with all
amendment to such registration statement, the Registration Statement), which includes a preliminary proxy statement/prospectus (the BCA Proxy Statement) to be distributed to holders of GigCapital5 Common Stock in connection
with GigCapital5s solicitation of proxies for the vote by GigCapital5s stockholders with respect to the Business Combination and the other matters as described in the Registration Statement and a prospectus relating to the offer of the
securities to be issued to the stockholders of QT Imaging in connection with the Business Combination. After the Registration Statement has been filed and declared effective, GigCapital will mail a definitive BCA Proxy Statement, when available, to
its stockholders. Investors and security holders and other interested parties are urged to read the BCA Proxy Statement, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available
because they will contain important information about GigCapital5, QT Imaging and the proposed Business Combination. Such persons can also read GigCapital5s Annual Report on Form 10-K and
Current Reports on Form 8-K for more information on the security holdings of its officers and directors and their respective interests as security holders in the consummation of the Transactions
described in this Current Report. The BCA Proxy Statement, Registration Statement, the Extension Proxy Statement, and GigCapital5s other reports can be obtained, without charge, at the SECs web site (www.sec.gov) and on
GigCapital5s website at www.gigcapital5.com.