BitNile Holdings (NILE) announced that its subsidiary Giga-tronics (GIGA), intends to complete a distribution of approximately 7M shares of GIGA’s common stock beneficially owned by BitNile as a dividend payable to the stockholders of BitNile common stock. The distribution of the 7M GIGA Shares will occur as soon as practicable after GIGA has obtained the requisite regulatory approvals therefor, and in compliance with US federal securities laws. BitNile anticipates that, upon completion of the distribution, the BitNile shareholders as of the record date to be in conjunction with the distribution, will be able to sell the GIGA Shares from time to time in either public or privately negotiated transactions.
Published first on TheFly
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