Convalt Energy LLC entered into a non-binding term sheet to acquire GigInternational1, Inc. (NasdaqCM:GIW) in a reverse merger transaction on August 30, 2022. Under the terms of the term sheet, GigInternational1 and Convalt Energy would combine, with the former equity holders of both entities holding equity in the combined public company (surviving company) listed on The Nasdaq Stock Market LLC or any other national stock exchange, and with Convalt's existing equity holders expected to own a majority of the equity in the surviving company. The transaction is subject to completion of due diligence; execution of definitive agreement; approval of the transaction by each of the GigInternational1's and Convalt's stockholders; and completion of any required stock exchange and regulatory review. The transaction is expected to complete in the first half of 2023.

Convalt Energy LLC cancelled the acquisition of GigInternational1, Inc. (NasdaqCM:GIW) in a reverse merger transaction on November 15, 2022. GigInternational1 will not be able to consummate a business combination within the remaining time available under the amended and restated certificate of incorporation, as amended, and without any further extension, GigInternational1 will now commence the process of dissolving and liquidating the assets.