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Note 15 - Subsequent Event
12 Months Ended
Oct. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 15 Subsequent event

 

On December 16, 2021, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Wireless Telecom Group, Inc, a New Jersey corporation (“Seller”), and its wholly-owned subsidiary Microlab/FXR LLC, a New Jersey limited liability company (“Microlab”). Under the Purchase Agreement, the Company has agreed to purchase 100% of the issued and outstanding membership interests of Microlab from Seller.  The purchase price for Microlab is estimated to be $24,250,000, subject to certain closing adjustments as set forth in the Purchase Agreement. The Company intends to pay the purchase price using a combination of cash on hand and borrowings from a credit facility.  The Company has received a non-binding commitment letter from a major commercial bank pursuant to which the Company is seeking to obtain an up to $20,000,000 credit facility, a portion of which will be used to fund the purchase of Microlab.  The purchase of Microlab is subject to customary closing conditions and to the approval by the holders of a majority of the voting shares of Seller.  The acquisition currently is expected to be completed by the end of April 2022, subject to a 30-day extension under certain circumstances.