BitNile to Distribute Approximately 7 Million Shares of Giga-tronics to Its Stockholders
09 Novembre 2022 - 12:30PM
Business Wire
BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”), announced that its
subsidiary Giga-tronics Incorporated (“GIGA”), a
publicly-traded holding company currently delivering solutions
tailored and selected to enable mission-critical applications for
customers in defense, aerospace, medical, and transportation
sectors, intends to complete a distribution of approximately 7
million shares of GIGA’s common stock beneficially owned by BitNile
(the “GIGA Shares”) as a dividend payable to the
stockholders of BitNile common stock.
The distribution of the 7 million GIGA Shares will occur as soon
as practicable after GIGA has obtained the requisite regulatory
approvals therefor, and in compliance with US federal securities
laws. BitNile anticipates that, upon completion of the
distribution, the BitNile shareholders as of the record date to be
in conjunction with the distribution, will be able to sell the GIGA
Shares from time to time in either public or privately negotiated
transactions.
On September 8, 2022, the Company announced the closing of a
Share Exchange Agreement with BitNile, GIGA and Gresham Worldwide,
Inc. (“Gresham”), providing for GIGA’s reverse acquisition
of Gresham from BitNile. The transaction combined GIGA, a producer
of sophisticated RADAR and electronic threat emulation systems and
radio frequency filters, with Gresham, a global provider of
proprietary, purpose-built electronic solutions to militaries and
leading defense companies around the world in the areas of RF
devices, power electronics, displays, automated test and missile
launch. The companies expect the transaction to generate synergies
that will enable them to significantly enhance their position in
the rapidly growing market for electronic countermeasures and RF
solutions; driven by a heightened global awareness of the
importance of electromagnetic spectrum superiority. Combined, the
companies have over 500 total customers, including more than 40
tier-1 defense industry prime contractors and 20 global defense
ministry programs.
On September 9, 2022, the Company announced its intention to
spin off its holdings in its various subsidiaries, including
GIGA.
For more information on BitNile and its subsidiaries, BitNile
recommends that stockholders, investors, and any other interested
parties read BitNile’s public filings and press releases available
under the Investor Relations section at www.BitNile.com or
available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, BitNile owns
and operates a data center at which it mines Bitcoin and provides
mission-critical products that support a diverse range of
industries, including oil exploration, defense/aerospace,
industrial, automotive, medical/biopharma, karaoke audio equipment,
hotel operations and textiles. In addition, BitNile extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. BitNile’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the Company’s
website at www.BitNile.com.
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