---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-282248"
form_type: "8-K"
ticker: "QTI"
cik: "0001844505"
company_name: "QT IMAGING HOLDINGS, INC."
filed_at: "2023-11-22T23:59:59+00:00"
generated_at: "2026-06-07T22:21:37.329833+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# GigCapital5 enters $50M equity purchase agreement with Yorkville and $10M convertible note

## Summary
- SEPA allows post-merger company to sell up to $50M common stock to YA II PN at 97% of VWAP.
- Prepaid advance of $10M via convertible promissory note due 15 months, 6% interest, rising to 18% on default.
- Note convertible at lower of 110% of initial VWAP or 95% of lowest 5-day VWAP, with floor price initially $2.00.
- Registration rights agreement requires filing resale registration statement within 21 days of advance closing.
- Arrangement contingent on closing of business combination with QT Imaging (merger renamed to QT Imaging Holdings).

## SEC filing metadata
- accession: 0001193125-23-282248
- form_type: 8-K
- ticker: QTI
- cik: 0001844505
- company_name: QT IMAGING HOLDINGS, INC.
- filed_at: 2023-11-22T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1844505/000119312523282248/0001193125-23-282248-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1844505/000119312523282248/d66505d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-282248
- JSON: https://secwatch.observer/filing/0001193125-23-282248.json
- Plain text: https://secwatch.observer/filing/0001193125-23-282248.txt

## Key facts
- Debt Financings
  QT IMAGING HOLDINGS, INC. incurred convertible notes of up to $10 million with YA II PN, Ltd. maturing due 15 months from the date of issuance.
  - Instrument: convertible notes
  - Principal: up to $10 million
  - Counterparty: YA II PN, Ltd.
  - Maturity: due 15 months from the date of issuance
  - Event: incurrence
  source text: in exchange for a convertible promissory note in the form attached to the SEPA as Exhibit D thereto (the “ Promissory Note ”) with an aggregate principal amount of up to $10 million (the “ Pre-Paid Advance ”). The proceeds from the funding of the Pre-Paid Advance may not be used by QTI Holdings or QT Imaging to make any payments in respect of any notes to
  evidence_url: https://www.sec.gov/Archives/edgar/data/1844505/000119312523282248/0001193125-23-282248-index.htm
- Material Agreements
  QT IMAGING HOLDINGS, INC. entered into Standby Equity Purchase Agreement with YA II PN, Ltd. valued at up to $50 million in aggregate gross purchase price (effective 2023-11-16).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: YA II PN, Ltd.
  - Value: up to $50 million in aggregate gross purchase price
  - Effective: 2023-11-16
  source text: On November 16, 2023, GigCapital5, Inc., a Delaware corporation (“ GigCapital5 ”), QT Imaging, Inc., a Delaware corporation (“ QT Imaging ”), and YA II PN, Ltd., a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (the “ Investor ”), entered into a Standby Equity Purchase Agreement (the “ SEPA ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1844505/000119312523282248/0001193125-23-282248-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.