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11 March 20243 minute read

DLA Piper advises GigCapital5 in the closing of its business combination with QT Imaging

DLA Piper advised GigCapital5, a special purpose acquisition company, in the closing of its business combination with medical device company QT Imaging, Inc. Upon closing, GigCapital5 has been renamed QT Imaging Holdings, Inc., and its shares of common stock have commenced trading under the new ticker “QTI”.

QT Imaging engages in the research, development, and commercialization of innovative body imaging systems using low frequency sound waves. Since its inception in 2014, QT Imaging has developed the highest quality, most comprehensive body imaging technology that has high resolution, high sensitivity, high specificity, high positive and negative predictive values while maintaining safety and cost-efficiency. A prime example of their efforts is the QT Imaging Breast Acoustic CTTM Scanner, an innovative FDA cleared ultrasound technology that uses true 3D acquisition.

“Through the closing of GigCapital5 deSPAC combination of QT Imaging, GigCapital Global continues to celebrate and benefit from more than 15 years of legal and business collaboration with Jeff Selman and the entire DLA Piper team. Their high level of experience and knowledge is essential to successfully grow and bring SPAC businesses forward, and we look forward to continuing to support QT Imaging’s growth and expansion in the medical device sector,” said Dr. Avi Katz, Founding Managing Partner of GigCapital and CEO of GigCapital5.

“It has been a pleasure working with GigCapital5, bringing together our industry knowledge and capabilities to close this business combination with QT Imaging. We look forward to continuing to support QT Imaging Holding’s growth and expansion in the medical device sector,” said Jeffrey Selman, chair of DLA Piper’s SPAC Transactional practice who led the firm’s deal team.”

In addition to Selman (San Francisco), the DLA Piper team included partners John Maselli (San Francisco), Elena Nrtina, Sarah Tauman (San Francisco), Tom Geraghty (Chicago), Michelle Lara (San Diego), Kristi Kung (Washington, DC), Vicky Lee (Palo Alto), Ronald Brown (Wilmington), and associates Annie Letizia (Palo Alto), Daniel Cooper, Clara Knapp, Sara Hashem (all in San Francisco), Dan Kagan (New York), Carnell Cherry (Washington, DC), Dan Klusman (Wilmington).

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 14 consecutive years, according to Mergermarket, and ranked as a top five most active VC legal advisor in the US and number one in VC, PE and M&A in combined global deal volume according to PitchBook.