Electronics manufacturer Gresham Worldwide has agreed to merge with a subsidiary of Ault Disruptive Technologies (NYSE: ADRT), a special purpose acquisition company, to form a combined entity valued at approximately $83 million.
Ault Disruptive will rebrand and operate as Gresham Worldwide and remain listed on the New York Stock Exchange under the ticker symbol “GWWI” upon the deal’s completion, the companies said in a joint statement published Monday.
Gresham executives Jonathan Read and Lutz Henckels will also continue to lead the combined company as CEO and chief financial officer, respectively.
“The merger with Ault Disruptive marks a significant step for Gresham. It will allow us to expand the full potential of our investments in defense and health care technology. Listing on the NYSE American stock exchange should provide us with access to the necessary resources and visibility to enhance our engineering, production and sourcing capabilities,” Read said.
The boards of directors of both companies unanimously approved the deal, which is expected to close in the fourth quarter of 2024, subject to approval by the companies’ stockholders, regulatory approvals and other customary closing conditions.
Gresham manufactures medical testing equipment and distributes electronic components and has subsidiaries in the U.S., U.K. and Israel.
