On September 8, 2022 (the Closing Date), Giga-tronics Incorporated (the Company) acquired 100% of the capital stock of Gresham Worldwide Inc. (Gresham) from BitNile Holdings Inc. (BitNile). On the Closing Date, pursuant to the Agreement, John Regazzi, the Company's Chief Executive Officer resigned. The Board appointed Jonathan Read who is Gresham's Chief Executive Officer as the Company's Chief Executive Officer.

Effective September 8, 2022, the Company entered into indemnification agreements (the “Indemnification Agreements”) with all new executive officers and directors of the Company. Jonathan Read, 66, has been the Chief Executive Officer of Gresham since March 2019. Mr. Read was the Chief Executive Officer and a director of Timefire VR Inc. from November 1, 2015 to January 31, 2017 and again from October 20, 2017 and May 15, 2019 resigning as Chief Executive Officer when it was acquired by Red Cat Holdings Inc. From July 14, 2017 through July 20, 2018, Mr. Read served as a director of BTCS Inc. From 2005 through 2012, Mr. Read was the Chief Executive Officer of ECOtality Inc. that Mr. Read founded and was formed to create a network of charging stations for electric cars.