Company: QTIWW
Filing Date: 2025-01-16
Form Type: S-1
Source: 0001628280-25-001723
Chunk: 130

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-16
Form: S-1
Chunk 130
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 and dissenting shares) was automatically cancelled and converted into (A) a number of shares of the Company’s Common Stock equal to the Exchange Ratio of the quotient of (i) the Aggregate Closing Merger Consideration (as such term is defined in the Business Combination Agreement) divided by (ii) the QT Imaging Fully Diluted Capital Stock (as such term is defined in the Business Combination Agreement) and (B) the contingent right to receive a portion of additional shares of the Company’s Common Stock based on the performance of the Company if certain requirements are achieved in accordance with the terms of the Business Combination Agreement, if, as and when payable.

#### Accounting for the Transactions
The business combination is accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, GigCapital5 will be treated as the “acquired” company for financial reporting purposes. This determination was primarily based on QT Imaging’s operations comprising substantially all of the ongoing operations of the post-combination company, QT Imaging’s senior management comprising substantially all of the senior management of the post-combination company and the existence of a majority voting interest in the post-combination company. Accordingly, for accounting purposes, the business combination is treated as the equivalent of QT Imaging issuing stock for the net assets of GigCapital5, accompanied by a recapitalization. The net assets of GigCapital5 are stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the business combination are the historical operations of QT Imaging.

#### Basis of Pro Forma Presentation
The historical financial information has been adjusted to give pro forma effect to events that are related and/or directly attributable to the business combination, are factually supportable and, with respect to the pro forma statements of operations, are expected to have a continuing impact on the results of the post-combination company. The unaudited pro forma condensed combined financial information is for illustrative purposes only. The financial results may have been different had the companies always been combined. The unaudited pro forma condensed combined financial information should not be relied upon as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the post-combination

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#### Table of Contents
company will experience. QT Imaging and GigCapital5 have not had any historical relationship prior to the business combination. Accordingly, no pro forma adjustments were required to eliminate activities between the companies.

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