Company: QTIWW
Filing Date: 2025-01-16
Form Type: S-1
Source: 0001628280-25-001723
Chunk: 445

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-16
Form: S-1
Chunk 445
---
 Capital Note was valued using a combination of the Black-Scholes option pricing model and present value method, which is considered to be a Level 3 fair value measurement. The estimated fair value of the Working Capital Note was based on the following ranges of significant inputs at issuance for advances made under the Working Capital Note during the year ended December 31, 2023 and as of December 31, 2023 and 2022 for all advances made under the Working Capital Note:

|                           | Assumptions |     | At Issuance |               |     |     |        As of 
 December 31, 
         2023 |     |     |     |        As of 
 December 31, 
         2022 |               |
|:--------------------------|:------------|:----|------------:|:--------------|:----|:----|-------------:|----:|:----|:----|-------------:|--------------:|
| Expected term             |             |     |             | 0.7 - 0.8     |     |     |              | 0.7 |     |     |              |           0.9 |
| Volatility                |             |     |          65 | %             |     |     |         65.0 |   % |     |     |         65.0 |             % |
| Risk free rate            |             |     |             | 4.5% - 5.5%   |     |     |          5.1 |   % |     |     |          4.7 |             % |
| Discount rate             |             |     |             | 9.7% - 25.8%  |     |     |         11.3 |   % |     |     |              | 24.4% - 29.4% |
| Probability of conversion |             |     |             | 25.0% - 55.0% |     |     |         25.0 |   % |     |     |         65.0 |             % |

<div align='center'>F-85</div>

#### GIGCAPITAL5, INC.

#### Notes to Financial Statements
The following table presents information about the change in fair value of the Company’s Level 3 Working Capital Note during the years ended December 31, 2023 and 2022:

|                                  |     |   |   Year Ended 
 December