05:51 AM EDT, 10/24/2025 (MT Newswires) -- GigaCloud Technology ( GCT ) said Friday it has entered into a binding term sheet to fully acquire furniture distributor New Classic Home Furnishing for $18 million.

New Classic, which generates an annual revenue of about $70 million, will maintain its brand identity and management team.

GigaCloud ( GCT ) said the deal is expected to close Jan. 1, though it's possible that it "may not close."

The company's shares were down 2.1% in recent premarket activity.