Imaging firm finally executes merger following lawsuit and months of delays
Summary
“The completion of our business combination with GigCapital5 and emergence as a publicly traded company is a landmark achievement for QT Imaging,” internist John Klock, MD, CEO and founder of QTI, said in an announcement. “One that we would not have reached without the hard work and focus of our dedicated employees and the support of our partners at GigCapital5, more so in this very difficult time for fundraising and growing micro-cap companies.” Both sides first began discussing the proposed deal in late 2022 with hopes of closing by mid-2023. However, discussions eventually got back on track, with shareholders voting to approve the proposed business combination in February. QT Imaging officially started trading on the Nasdaq March 5 under the ticker symbol QTI. With nearly $18 million in support from the National Institutes of Health, along with money from private investors, QTI has developed body imaging technology based on low frequency transmitted sound.