tiprankstipranks
Giga-Tronics Grapples with Bankruptcy and Leadership Shakeup
Company Announcements

Giga-Tronics Grapples with Bankruptcy and Leadership Shakeup

Don't Miss our Black Friday Offers:

Giga-Tronics (GIGA) has shared an update.

Facing financial distress, the Company filed for Chapter 11 bankruptcy, following a demand from investors Walleye Opportunities and Arena Investors for immediate payment of defaulted Senior Secured Convertible Notes totaling $4 million. Amidst these troubles, the Company also dealt with internal shifts: Jonathan Read resigned as CEO due to the default but was swiftly reappointed by the Board. The Company is contesting the investors’ claims in court, arguing the notes are unenforceable, while a scheduled foreclosure sale by Arena has been halted by the bankruptcy filing.

See more data about GIGA stock on TipRanks’ Stock Analysis page.

Related Articles
TheFlyGresham Worldwide projects over $50M in annual revenue from defense business
TheFlyMicrophase receives orders for $5.4M
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App