ZEV - SPAC GigCapital4 gains on report of talks to take BigBear.ai public

SPAC GigCapital4 (GIG) rose 3.8% in after hours trading on a report that the company is in discussions to take AI specialist BigBear.ai public.GigCapital4 is looking to raise equity and convertible debt in a transaction that would value the combined company at more than $1.5B, according to a Bloomberg report.BigBear.ai was created in February when NuWave Solutions  and PCI Strategic Management merged to form BigBear.ai. NuWave and PCI are portfolio companies of AE Industrial Partners, a private equity firm specializing in aerospace, defense & government services.BigBear.ai provide artificial intelligence and machine learning, data science and other services to customers including the U.S. Department of Defense and U.S. intelligence agencies, according to a press release.GigCapital has agreed to take other companies public through SPACs including Lightning eMotors (ZEV) and UpHealth Holdings (GIX).

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SPAC GigCapital4 gains on report of talks to take BigBear.ai public