Giga-tronics Incorporated entered into a definitive agreement to acquire Ault Disruptive Technologies Corporation in a reverse merger transaction valued at an estimated pro forma enterprise value of approximately $83 million.

Giga-tronics Incorporated (OTCPK:GIGA) entered into a definitive agreement to acquire Ault Disruptive Technologies Corporation (NYSEAM:ADRT) in a reverse merger transaction valued at an estimated pro forma enterprise value of approximately $83 million on June 23, 2024. 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's and Ault Disruptive's stockholders. The transaction is subject to the consummation of the PIPE or an alternative financing in an amount of no less than $3,500,000.

The closing of the transaction is anticipated to occur in the fourth quarter 2024. A.G.P./Alliance Global Partners is serving as financial advisor to Ault Disruptive. Kenneth A. Schlesinger and Richard Quatrano of Olshan Frome Wolosky LLP is serving as legal advisor to Ault Disruptive, and Michael D. Harris of Nason, Yeager, Gerson, Harris & Fumero, P.A. is serving as legal advisor to Gresham.