GIA

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- In volatile economic conditions, smart money seeks stability and moves to safe havens. Historically, one of the safest places and most stable spaces during economic uncertainty is gold, a highly liquid asset that preserves and even increases in value over time and carries no credit risk. The precious metal benefits from multiple levers of demand such as gold jewelry, tech/industrial use and a reserve asset as well as a strategic investment. History has shown that gold's variable demand pressures enhance a portfolio by improving diversification, providing liquidity and delivering long-term returns. Reacting to uncertainties, many gold mining companies, including GEMXX Corp. (OTCPK: GEMZ) (profile), have enjoyed significant growth during the recent volatility. Exploding past startup phase and achieving global growth in mere months, GEMXX is fast approaching a holy grail that differentiates GEMXX from all others in the gold space – a vertically integrated mining company – a unique mine-to-market enterprise that specializes in gold and gemstone mining as well as jewelry creation, production and global sales. GEMXX owns and controls every aspect of the process from gold mining and gemstone finishing to jewelry manufacturing and global distribution. Other larger mining companies may not have the unique vertical integration of GEMXX but are still seeing success in the precious metal sector including Agnico Eagle Mines Ltd. (NYSE: AEM), which recently reported record second-quarter numbers; Barrick Gold (NYSE: GOLD), which anticipates a second half of the year performance that surpasses its first; Newmont Mining (NYSE: NEM), which has received required approvals on a key acquisition announced earlier this year; and Franco-Nevada Corp. (NYSE: FNV), which has established a business model that provides investors with gold price and exploration optionality while limiting exposure to cost inflation.

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 GigCapital5’s initial public offering) until December 31, 2023 (the extension, the “Extension”).

GigCapital5, Inc. (“GigCapital5” or the “Company”) (NASDAQ: GIA) today announced that pursuant to the terms of the Settlement Agreement (the “Settlement Agreement”) that GigCapital5, QT Imaging, Inc., a Delaware corporation (“QT Imaging”), and the John C. Klock, Jr. and Cynthia L. Klock Trust Dated 7/27/07 (the “Klock Trust”) entered into on September 21, 2023, QT Imaging intends to enter into Non-Redemption Agreements (the “Non-Redemption Agreement”) with non-affiliate stockholders of GigCapital5 common stock (“GigCapital5 Shares”) and agrees to issue immediately prior to the closing (the “Closing”) of the Business Combination (as defined below) that number of shares of QT Imaging common stock (the “QTI Bonus Shares”) that, following conversion upon the Closing into GigCapital5 Shares to be registered in the registration statement on Form S-4 (together with all amendments, the “Registration Statement”), as initially filed with Securities and Exchange Commission (the “SEC”) on February 14, 2023, will equal 0.15 GigCapital5 Shares per GigCapital5 Share that such holders agree not to redeem in connection with the upcoming special meeting of stockholders of GigCapital5 scheduled for September 28, 2023 (the “Special Meeting”).

The declines reflected weak retail sales in the US and China as well as competition from lab-grown stones.