09:04 AM EDT, 06/24/2024 (MT Newswires) -- Ault Disruptive Technologies ( ADRT ) and Gresham Worldwide said Monday that an Ault Disruptive ( ADRT ) unit will merge.

According to a joint statement, Gresham shareholders will get equity in Ault Disruptive ( ADRT ) as part of the deal.

Ault Alliance ( AULT/PD ) owns a majority of each company's common shares, the statement said.

They said the combined company will have an implied pro-forma enterprise value of about $83 million, with additional cash of up to roughly $1 million, assuming no redemptions by Ault Disruptive's ( ADRT ) public shareholders.

Special purpose acquisition company Ault Disruptive ( ADRT ) will be rebranded and operate as Gresham Worldwide. It is expected to remain listed on the NYSE American under the symbol GWWI, the companies said.

Gresham Chief Executive Jonathan Read and Chief Financial Officer Lutz Henckels will lead the combined company.

The deal is expected to close in the fourth quarter.

Shares of Ault Disruptive ( ADRT ) rose almost 12% in premarket activity, and Ault Alliance ( AULT/PD ) added 1.6%

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