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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.
