Giga-Tronics (OTC:GIGA) Stock, Quote.Headers.trade-ideas

Giga-Tronics

Giga-tronics

Giga-Tronics Inc designs, manufactures, and distributes purpose-built electronics equipment, automated test solutions, power electronics, supply and distribution solutions, as well as radio, microwave and millimeter wave communication systems and components for a variety of applications with a focus on the global defense industry and the healthcare market. . The company operates in three segments namely Precision Electronic Solutions; Power Electronics and Display and RF Solutions. It generates maximum revenue from the Precision Electronic Solutions segment.

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<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fgreshamworldwide.com%2F&amp;esheet=54086033&amp;newsitemid=20240624734256&amp;lan=en-US&amp;anchor=Gresham+Worldwide%2C+Inc.&amp;index=1&amp;md5=ffe7ae40ffdbd753dbe0d29f0de21414">Gresham Worldwide, Inc.</a>&nbsp;(OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/GIGA#OTCQB">GIGA</a>) (&quot;Gresham&quot; or the &quot;Company&quot;), a provider of high-performance purpose-built electronic solutions for mission critical applications in defense, health care, telecommunications, and transportation industries, and&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.aultdisruptive.com%2F&amp;esheet=54086033&amp;newsitemid=20240624734256&amp;lan=en-US&amp;anchor=Ault+Disruptive+Technologies+Corporation&amp;index=2&amp;md5=a4f5765dcac1b42e8f3e424a39d11472">Ault Disruptive Technologies Corporation</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADRT#NYSE">ADRT</a>) (&quot;Ault Disruptive&quot;), a special purpose acquisition company, today announced they have entered into a definitive agreement and plan of merger (the &quot;Merger Agreement&quot;). Under the terms of the Merger Agreement, a wholly owned subsidiary of Ault Disruptive will merge with and into Gresham and the holders of the outstanding Gresham shares will receive equity in Ault Disruptive in connection with the business combination (the &quot;Transaction&quot;).
This press release features multimedia. View the full release here:&nbsp;<a href="https://www.businesswire.com/news/home/20240624734256/en/">https://www.businesswire.com/news/home/20240624734256/en/</a>
The Boards of Directors of both Gresham and Ault Disruptive have unanimously approved the proposed Transaction, which is subject to customary closing conditions, including receipt of all regulatory approvals, as well as the approval of the proposed Transaction by Gresham&#39;s and Ault Disruptive&#39;s stockholders. The closing of the transaction is anticipated to occur in the&nbsp;fourth quarter&nbsp;2024, with Gresham to redomicile from California to Delaware prior to the closing. Ault Disruptive will be rebranded and operate as Gresham Worldwide, Inc. and is expected to remain listed on the NYSE American under the ticker symbol &quot;GWWI.&quot;
While each of Ault Disruptive and Gresham is a public traded corporation, Ault Alliance, Inc. beneficially owns a majority of each issuer&#39;s shares of common stock. As such, the Transaction is a related party transaction.
Following the closing of the Transaction, the combined company will be led by Jonathan Read, Gresham&#39;s Chief Executive Officer and Lutz P. Henckels, Gresham&#39;s Chief Financial Officer.
Gresham is a defense contractor, manufacturer of sophisticated medical testing equipment and distributor of electronic components with material operations in Israel, the United Kingdom, Connecticut and California.
Jonathan Read, Chief Executive Officer of Gresham, said, &quot;The merger with Ault Disruptive marks a significant step for Gresham. It will allow us to expand the full potential of our investments in defense and healthcare technology. Listing on the NYSE American stock exchange should provide us with access to the necessary resources and visibility to enhance our engineering, production, and sourcing capabilities. Gresham has achieved over&nbsp;20%&nbsp;revenue growth annually for the past three years and expects that growth to significantly accelerate with our global defense requirements and our new products for the healthcare industry. We are executing on our substantial&nbsp;$40+ million backlog of orders, while securing new orders from existing and prospective customers. Out support of the Israel defense requirements is vital to our global market position. Our expansion into providing NATO members defense products is also resulting in increased projects and products. We also believe that being on a national exchange will give us access to the resources to continue executing acquisitions of smaller defense contractors and accelerate our growth both organically and through M&amp;A.&quot;
Willliam Horne, Chief Executive Officer of Ault Disruptive said, &quot;We are excited to partner with Gresham, a leader in high-performance electronic solutions for mission-critical applications across various industries. The increasing global demand for defense-related technologies, driven by ongoing conflicts and tensions, underscores the value of Gresham&#39;s offerings. This merger will not only bolster Gresham&#39;s growth but also deliver significant value to our stockholders. We look forward to working closely with Jonathan and his team as Gresham continues its impressive growth journey.&quot;
Transaction Overview
Under the terms of the Merger Agreement, the Transaction is valued at an estimated pro forma enterprise value of approximately&nbsp;$83 million. At the closing, Gresham expects up to approximately&nbsp;$1 million&nbsp;of gross cash proceeds, assuming no redemptions by Ault Disruptive&#39;s public stockholders, and intends to use net proceeds to fund continuing growth and expansion of its business. Upon completion of the Transaction, and assuming the issuance of common stock upon the conversion of outstanding convertible notes, Gresham stockholders will retain&nbsp;100%&nbsp;of their equity and own&nbsp;66%&nbsp;of the combined company at closing, assuming no redemptions by Ault Disruptive&#39;s public stockholders.

ADRT

Gresham Worldwide Merges with Ault Disruptive to Expand Defense and Healthcare Tech

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ault.com&amp;esheet=53581174&amp;newsitemid=20231009662997&amp;lan=en-US&amp;anchor=Ault+Alliance%2C+Inc.&amp;index=1&amp;md5=449a7afadd741b1c43654994e1a63ccc">Ault Alliance, Inc.</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AULT#NYSE">AULT</a>), a diversified holding company (&quot;Ault Alliance,&quot; or the &quot;Company&quot;), today announced the awarding of a significant&nbsp;$20 million&nbsp;contract by its majority-owned subsidiary, Giga-tronics, Inc. (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/GIGA#OTCQB">GIGA</a>), also known as&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.greshamworldwide.com&amp;esheet=53581174&amp;newsitemid=20231009662997&amp;lan=en-US&amp;anchor=Gresham+Worldwide&amp;index=2&amp;md5=3b46c7d0de7306873c6b105b2594eccd">Gresham Worldwide</a>. Gresham Worldwide, which concentrates in delivering high-performance, tailored electronic solutions for mission-critical applications across the defense, healthcare, telecommunications, and transportation sectors, won the contract to supply bespoke systems from a major strategic customer through its subsidiary,&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fenertec.co.il%2F&amp;esheet=53581174&amp;newsitemid=20231009662997&amp;lan=en-US&amp;anchor=Enertec+Systems+2001%2C+Ltd.&amp;index=3&amp;md5=92c96c5e663e1cfa61b5724f3fa79716">Enertec Systems 2001, Ltd.</a>&nbsp;(&quot;Enertec&quot;). Enertec, located in Israel, is a leading provider of innovative test, simulation, calibration, operational, control, and monitoring systems that support and enable defense, aerospace, and health care applications for over 30 years.
Based in Israel, Enertec boasts over 30 years of excellence in crafting innovative systems that cater to the defense, aerospace, and healthcare sectors. This contract underscores a significant advancement with Enertec securing an initial&nbsp;$5 million&nbsp;to procure necessary materials and an additional&nbsp;$1.5 million&nbsp;for immediate system deliveries.
These forthcoming orders, set to be executed between 2024 to 2026, are anticipated to bolster Enertec&#39;s backlog, revenue streams, and profitability. To ensure timely and quality deliveries, Enertec is ramping up its recruitment, seeking exceptional engineers and technicians.

AULT

Ault Alliance Announces Gresham Worldwide's Subsidiary, Enertec Systems, Wins $20M Contract

TurnOnGreen and Gresham Worldwide are now publicly traded companies. BitNile intends to have Ault Alliance become a publicly reporting holding company focused on Bitcoin mining, data center operations, lending, activist investing, oil exploration, and real estate whereas BitNile will focus on a new Bitcoin marketplace platform
Upon completion of the spin-offs BitNile will have distributed substantially all of its nearly&nbsp;$600 million&nbsp;assets to its shareholders
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.bitnile.com&amp;esheet=52879391&amp;newsitemid=20220909005129&amp;lan=en-US&amp;anchor=BitNile+Holdings%2C+Inc.&amp;index=1&amp;md5=bf038d8d0783155b05f761049da61c42">BitNile Holdings, Inc.</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NILE#NYSE">NILE</a>), a diversified holding company (&quot;BitNile&quot; or the &quot;Company&quot;) today announced plans that will upon completion result in its having separated into four public companies. The Company will host a conference call at 2:00 PM Pacific Time on Monday, October 17, 2022 to provide additional information on the planned spin-offs of the Company&#39;s subsidiaries, summarized below:
<ul>
<li>TurnOnGreen, Inc., an electric vehicle charging and power solutions company, became a publicly traded company on September 6, 2022 pursuant to its acquisition by Imperalis Holding Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IMHC#OTC">IMHC</a>), a publicly traded subsidiary of BitNile that intends to change its name to TurnOnGreen, Inc. as soon as practicable (&quot;TurnOnGreen&quot;);</li>
<li>Gresham Worldwide, Inc. (&quot;GWW&quot;), a global provider of proprietary, purpose-built electronic solutions to militaries and leading defense companies, among other products, became a publicly traded company on September 8, 2022 pursuant to closing of a share exchange agreement with Giga-tronics Incorporated (&quot;GIGA&quot;) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/GIGA#OTCQB">GIGA</a>);</li>
<li>Ault Alliance, Inc. (&quot;Ault Alliance&quot;), a diversified holding company focused on Bitcoin mining, data center operations, commercial lending, activist investing, oil exploration, hotel operations and other commercial real estate holdings, is intended to become a public reporting company in the first half of 2023; and</li>
<li>BitNile will after the planned spin-offs retain sufficient capital to continue development of a new Bitcoin marketplace platform to be discussed on the October 17, 2022 conference call.</li>
</ul>
The spin-offs, whether completed or planned, will upon completion result in the distribution of substantially all of the Company&#39;s nearly&nbsp;$600 million&nbsp;assets to its shareholders, who will become owners of four public companies.
BitNile believes that these companies, as separate public entities, will be better positioned to deliver long-term growth and maximize stockholder value. Each business is expected to benefit from increased operational focus, independent capital allocation based on the needs of the businesses, dedicated and focused boards of directors as well as management teams and compelling investment profiles that will appeal to investors with distinct interests.
Regarding TurnOnGreen, as previously announced, the Company anticipates setting a record date whereby stockholders of BitNile will receive a dividend of securities of TurnOnGreen. BitNile expects to distribute to its stockholders approximately 140 million shares of TurnOnGreen common stock and warrants to purchase an additional 140 million shares of TurnOnGreen common stock, subject to regulatory approval and compliance with U.S. federal securities laws. The Company plans to cause TurnOnGreen to apply to have the warrants publicly traded.
The Company plans to have Ault Alliance become a public reporting company in the first half of 2023. The capital structure, leadership team and board of directors will be determined and announced at a later time. The proposed spin-off to stockholders is subject to the satisfaction of customary conditions, including approval by the Company&#39;s board of directors, private letter rulings from the Internal Revenue Service and/or tax opinions from counsel, and the filing and effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission.
The Company&#39;s Founder and Executive Chairman, Milton &quot;Todd&quot; Ault, III said, &quot;I could not be more excited about the Company&#39;s portfolio of businesses. This is a seminal moment for our Company. We believe that our strategic plan will be transformational, allowing each company to grow while focusing on its respective core strengths, providing stockholders the ability to realize the full potential of each separate company. Our goal is to distribute to our stockholders our holdings in TurnOnGreen, GWW/GIGA and Ault Alliance, such that one day each stockholder will own common stock in four public companies rather than merely BitNile.&quot;

IMHC

NILE

BitNile Says 'Upon completion of the spin-offs BitNile will have distributed substantially all of its nearly $600 million assets to its shareholders'

Giga-tronics Incorporated Signs Share Exchange Agreement With BitNile Holdings And Gresham Worldwide; Giga Will Acquire Gresham From BitNile In Exchange For Shares Of Giga Common Stock And Preferred Stock

Giga-tronics (NASDAQ:<a class="ticker" href="/stock/GIGA#NASDAQ">GIGA</a>) reported quarterly losses of $(0.13) per share. This is a 160 percent decrease over losses of $(0.05) per share from the same period last year. The company reported $2.632 million in sales this quarter. This is a 39.04 percent increase over sales of $1.893 million the same period last year.

Giga-tronics Q3 EPS $(0.13) Down From $(0.05) YoY, Sales $2.632M Up From $1.893M YoY

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