GigCapital4 has filed its definitive proxy statement and set a date of Dec. 3, 2021 for its stockholder meeting in regards to the company’s pending business combination with BigBear.ai.
Upon stockholder approval, BigBear.ai, a leading artificial intelligence and cloud-based analytics provider based in Columbia, Maryland, will become a publicly-traded company, and its shares of common stock and warrants will be traded on the New York Stock Exchange under the symbols “BBAI” and “BBAIW,” the company said Monday.
The merger was originally announced in June 2021 and is expected to close following the stakeholders meeting.
Dr. Reggie Brothers, CEO of BigBear.ai and a 2021 Wash100 Award winner said, “With over 20 years of experience using data analytics to help our customers improve their competitive positioning by making better and faster decisions, we are excited to expand our capabilities and bring our expertise to more customers across the public and commercial markets.”
Additionally, in an Executive Spotlight interview with ExecutiveBiz, GovCon Expert Dr. Brothers said the merger “fuels our commercial growth, expands our sales and marketing, funds our research and development efforts that accelerate the product offerings, and enables us to continue pursuing corporate growth opportunities.”
Dr. Raluca Dinu, CEO of GigCapital4 and founding managing partner of GigCapital Global, also said BigBear.ai’s “strong financial position, deep network of relationships and talented management team” will allow the business combination to capitalize on opportunities in defense and commercial sectors during a critical period of rapid growth in the artificial intelligence/machine learning market.
Recently, BigBear.ai’s financial results from the first half of 2021 showed $72 million in year-to-date revenue as well as $150 million in contract awards.
The transaction gives BigBear.ai a pro forma enterprise value of approximately $1.57 billion, and the company is expected to have $330 million in cash upon closing, which will support organic and inorganic growth.