GigCapital7 Corp. Reports $2.38 Million Net Income and $203.19 Million in Trust Account

GigCapital7 Corp., a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, has reported its financial performance for the period ending December 31, 2024, in its recent 10-K filing. The company generated a net income of $2.38 million, primarily from interest income on cash and marketable securities held in its trust account, which amounted to $203.19 million. Operating expenses totaled approximately $628,761, while the change in fair value of warrant liabilities contributed an additional expense of $183,675. The company has not yet engaged in any operations or generated revenue from business activities, as it is still in the process of identifying a target for its initial business combination.

Compared to the previous fiscal period, GigCapital7 has made significant strides since its inception in May 2024. The company successfully completed its initial public offering on August 30, 2024, raising $200 million by selling 20 million public units, each consisting of one Class A ordinary share and one redeemable warrant. The offering was well-received, and the company has since established a trust account to hold the proceeds, which will be used for its business combination. As of December 31, 2024, the company had cash of $1.34 million outside the trust account, indicating a solid liquidity position as it continues to seek acquisition opportunities.

Strategically, GigCapital7 has not yet selected a specific business combination target but intends to focus on companies within the technology, media, telecommunications, artificial intelligence, cybersecurity, medical technology, and sustainable industries. The management team, which has extensive experience in these sectors, aims to leverage its network and expertise to identify suitable acquisition candidates. The company has also established a monthly fee of $30,000 for office space and administrative services provided by an affiliate of its sponsor, which is considered favorable compared to market rates.

Operationally, GigCapital7 has reported a total of 20 million Class A ordinary shares subject to possible redemption, reflecting its commitment to providing liquidity to shareholders. The company has a total of 13.33 million Class B ordinary shares issued and outstanding, primarily held by its founders and management team. As of March 4, 2025, there were 28 holders of record for its ordinary shares, indicating a growing interest from investors. The company has also established a robust governance structure, with independent directors overseeing its audit, compensation, and nominating committees.

Looking ahead, GigCapital7 faces the challenge of completing its initial business combination within 21 months from the closing of its offering. The company has expressed confidence in its ability to identify a suitable target and execute a successful acquisition, but it acknowledges the risks associated with market conditions and competition from other SPACs. The management team remains focused on leveraging its expertise and relationships to drive value creation for shareholders as it navigates the complexities of the acquisition process.