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Bullish MACD Crossover
January-2016- Spanawave Acquires Multiple Product Lines from Giga-tronics (GIGA)
Giga-tronics Incorporated (“Giga-tronics”) (Nasdaq: GIGA) announced the sale of its Power Meter, Amplifiers, Sensors, and legacy Signal Generator product lines to Spanawave Corporation (“Spanawave”). The product lines will transfer to Spanawave sequentially in phases beginning with certain sensor and amplifier products (effective immediately), with the final product line transfer (legacy Signal Generators) estimated to be completed in July 2016. Payments totaling $1.5 million will be made by Spanawave to Giga-tronics over the phased transition period with one-half of the payments ($750,000) expected to be received between June and July 2016. In addition, Spanawave will be purchasing existing inventory for these products in phases. Giga-tronics will continue to manufacture the related products until the respective product line transfer is complete.
John Regazzi, President and CEO of Giga-tronics, said “The sale of these product lines will allow Giga-tronics to focus on our high growth opportunities: our new Real Time Threat Emulation System which we announced in December and our Microsource business which designs and manufactures high performance YIG tuned filter products.”
Helio Sakaya, CEO of Spanawave, said “The acquisition of these Giga-tronics product lines is a major step forward in Spanawave’s strategy to expand its product portfolio and add technological capability to create new advanced microwave test and measurement platforms. Spanawave is looking forward to working with Giga-tronics customers to continue providing excellent products and services for their microwave test and measurement needs. The acquisition will be carried out in phases, and during this period, we will refer to these products as Spanawave/Giga-tronics, and our technical literature may mention either of the brands until the acquisition is completed.”
Giga-tronics is a publicly held company, traded on the NASDAQ Capital Market under the symbol “GIGA”. Giga-tronics produces instruments, subsystems and sophisticated microwave components that have broad applications in defense electronics and aeronautics.
Spanawave Corporation is a privately held company headquartered in Roseville, CA with the mission of providing RF and Microwave solutions for the Test and Measurement needs of Military, Aerospace, Telecom, Industrial and Scientific Research organizations.
Sources- Stockcharts, street insider
Broad street alerts has not been compensated for the mention of any publicly traded companies in this article nor do we own positions in any of the companies in this article.