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  • Friday, November 22, 2024

GigCapital4 Shareholders OK BigBear.ai Merger

Shareholders at special purpose acquisition company GigCapital4 approved Friday the proposed combination with BigBear.ai and both parties expect the transaction to close Tuesday, Dec. 7.

The combined entity will operate as BigBear.ai Holdings and is set to list its common stock and warrants on the New York Stock Exchange using the ticker symbols “BBAI” and “BBAI.WS,” respectively, starting Wednesday, Dec. 8, the companies said in a joint release published Friday.

In June, BigBear.ai, a Columbia, Maryland-based data analytics company, struck a merger deal with GigCapital4 as part of efforts to go public. Under the transaction, BigBear.ai’s investors and private equity owner AE Industrial Partners will own 73 percent of the future public company.

In late November, GigCapital4 signed a $75 million backstop agreement with AE Industrial Partners to support its proposed merger with BigBear.ai.

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