NILE - Giga-tronics BitNile and Gresham Worldwide sign share exchange agreement

The agreement provides for the acquisition of Gresham Worldwide by Giga-tronics (OTCQB:GIGA). It will create a strong provider of bespoke electronic solutions for the defense industry. Per the terms, GIGA will acquire GWW from BitNile (NYSE:NILE) in exchange for GIGA common and preferred stock shares. BitNile will loan GIGA $4.25 million, and GIGA will repurchase or redeem its currently outstanding shares of preferred stock. Upon closing, the combined entity will continue as a standalone publicly-traded company, approximately 68% of which will be indirectly owned by BitNile. The combined entity will have over 60 global defense industry customers, combined revenues of ~$40 million. The Companies expect GIGA to complete the acquisition of GWW during the first quarter of 2022. Shares of NILE up 3% premarket.

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Giga-tronics, BitNile and Gresham Worldwide sign share exchange agreement