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Gresham Worldwide and Ault Disruptive Technologies have agreed to merge, forming a new entity named Gresham Worldwide.
The combined company will have an enterprise value of approximately $83 million and expects up to $1 million in additional cash, assuming no redemptions by Ault’s public stockholders. The merger is anticipated to close in Q4 2024 and the combined entity will be listed on NYSE American under the ticker 'GWWI.'
Gresham stockholders will retain 100% of their equity and hold about 66% of the new company. The merger aims to capitalize on Gresham's 20% annual revenue growth and bolster its operations in defense and healthcare sectors, with a $40 million order backlog and expansion into NATO defense products.
Jonathan Read and Lutz P. Henckels will lead the combined company as CEO and CFO, respectively.
Ault Disruptive Technologies Corporation has priced its IPO at $10.00 per unit, aiming to raise funds through the sale of 10,000,000 units. Each unit includes one share of common stock and three-fourths of a warrant, exercisable at $11.50. Trading is set to commence on the NYSE American under the symbol 'ADRTU' on December 16, 2021, with expected closure on December 20, 2021. The company focuses on acquiring firms in innovative technologies with an enterprise value between $200 million and $500 million. Alliance Global Partners is the sole book-running manager for this offering.
