The board of BitNile Holdings, Inc. (NYSEAM:NILE) announce the spin-off of Giga-tronics Incorporated (OTCPK:GIGA) on September 9, 2022. As part of the transaction, BitNile will distribute the shares in Giga-tronics to its shareholders. In related transactions, BitNile announces the spin-off of TurnOnGreen, Inc., Ault Alliance, Inc., and BitNile will after the planned spin-offs retain sufficient capital to continue development of a new Bitcoin marketplace platform.

As of February 14, 2023, Giga-tronics Incorporated has filed registration statements on Form S-1 with the U.S. Securities and Exchange Commission. Spin-off is pending regulatory approvals.