BitNile Holdings’ Subsidiary Ault Alliance Does Not Acquire EYP
July 07 2022 - 6:30AM
Business Wire
Loan to EYP Repaid in Full, Including $2.9 Million Break-up
Fee and Partial Expense Reimbursement
BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”)
announced today that its subsidiary, Ault Alliance, Inc. (“Ault
Alliance”), did not acquire the assets of EYP, Inc. and its
affiliates (“EYP”). The previously announced asset purchase
agreement constituted a “stalking horse” bid in a sale process
being conducted under Section 363 of the U.S. Bankruptcy Code. The
prevailing bidder under the sale process was Page Southerland Page,
Inc.
Ault Alliance lent $8.0 million to EYP and earned $4.7 million
in interest, penalties and break-up fees from October 2021 through
June 2022. The principal amount of the loans, interest, penalties
and break-up fees, were fully repaid on June 30, 2022, though the
Company did incur certain expenses that it will be responsible for
that will not be covered by any of the foregoing payments to the
Company.
Milton “Todd” Ault, III, the Company’s Executive Chairman,
stated, “We congratulate Page Southerland Page on its successful
bid to acquire EYP. While Ault Alliance did not end up with the
winning bid, we did realize a favorable return on capital deployed
for less than nine months, which is generally consistent with our
goal of maximizing returns in pursuit of investments in undervalued
companies or companies with deeply depressed prices.”
For more information on BitNile and its subsidiaries, BitNile
recommends that stockholders, investors, and any other interested
parties read BitNile’s public filings and press releases available
under the Investor Relations section at www.BitNile.com or
available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, BitNile owns
and operates a data center at which it mines Bitcoin and provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma and textiles. In addition,
BitNile extends credit to select entrepreneurial businesses through
a licensed lending subsidiary. BitNile’s headquarters are located
at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV
89141; www.BitNile.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the Company’s
website at www.BitNile.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220707005305/en/
BitNile Holdings Investor Contact: IR@BitNile.com or
1-888-753-2235
Bitnile (AMEX:NILE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bitnile (AMEX:NILE)
Historical Stock Chart
From Apr 2023 to Apr 2024