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GIGA > SEC Filings for GIGA > Form 8-K on 19-Apr-2013All Recent SEC Filings

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Other Events, Financial Statements and Exhibits

Item 8.01 Other Events.

Giga-tronics Incorporated (the "Company") announced that on April 18, 2013, it completed the sale of its product line known as SCPM to Teradyne, Inc. ("Teradyne"), of North Reading, Massachusetts. The agreement for the sale was announced on March 19, 2013.

The purchase price is $1,000,000. The Company received 80% or $800,000 in proceeds at the closing; an additional 5% of the purchase price will be paid upon completion of training the Company has agreed to provide to Teradyne; and the balance of 15% of the purchase price will be subject to a holdback until the end of 2013 for contingent liabilities.

On April 18, 2013, the Company issued a press release announcing the closing of this transaction. A copy of the press release is filed as Exhibit 99.1 with this report.

Item 9.01 Financial Statements and Exhibits.

Reference is made to the exhibits listed in the Exhibit Index included with this Form 8-K.

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