BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”), will
host a conference call at 2:00 PM Pacific Time on Tuesday,
September 6, 2022, to provide an update on the status of the
planned spinoff of the Company’s subsidiary, TurnOnGreen, Inc., an
electronic vehicle (“EV”) charging and power solutions
company (“TurnOnGreen”) and the planned distribution of
TurnOnGreen’s securities to BitNile’s stockholders.
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the full release here:
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March 21, 2022 Announcement
On March 21, 2022, BitNile announced that it and TurnOnGreen
entered into a securities purchase agreement (the “SPA”)
with Imperalis Holding Corp. (OTC Pink: IMHC) (“Imperalis”),
a publicly traded subsidiary of BitNile, whereby TurnOnGreen will,
upon closing, become a subsidiary of Imperalis (the
“Acquisition”).
Upon completion of the Acquisition, which is contingent upon the
completion of an audit of TurnOnGreen, and each party’s
satisfaction or waiver of certain customary closing conditions set
forth in the SPA, Imperalis will change its name to TurnOnGreen
and, through an upstream merger whereby the current TurnOnGreen
shall cease to exist, have two operating subsidiaries, TOG
Technologies Inc. and Digital Power Corporation. Promptly following
the closing of the Acquisition, Imperalis will dissolve its three
dormant subsidiaries. Subsequent to the Acquisition, BitNile will
assist TurnOnGreen in pursuing an uplisting to the Nasdaq Capital
Market, subject to Nasdaq’s seasoning rules and other criteria for
listing.
After completion of the Acquisition, the Company anticipates
that stockholders of BitNile will receive a dividend of securities
of TurnOnGreen. BitNile expects to distribute to BitNile
stockholders approximately 140 million shares of Imperalis common
shares and an equal number of warrants to purchase additional
shares of Imperalis common stock.
Update Call
The update call will be open to the public. Stockholders,
investors, and interested parties who would like to participate in
the webcast should use the following link to register in advance.
Registration link:
https://us06web.zoom.us/webinar/register/WN_qqYTeE06SbCyIIgYF5QV7A
Please direct any questions regarding obtaining access to the
conference call to BitNile via e-mail, at IR@BitNile.com, or by
calling 1-888-753-2235.
For more information on TurnOnGreen’s product line, please visit
www.TurnOnGreen.com.
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.
About TurnOnGreen, Inc.
TurnOnGreen Inc. designs and manufactures innovative,
feature-rich, and top-quality power products for mission-critical
applications, lifesaving and sustaining applications spanning
multiple sectors in the harshest environments. The diverse markets
we serve include defense and aerospace, medical and healthcare,
industrial, telecommunications and e-Mobility. TurnOnGreen brings
decades of experience to every project, working with our clients to
develop leading-edge products to meet a wide range of needs.
TurnOnGreen’s headquarters are located at Milpitas, CA;
www.TurnOnGreen.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220802005517/en/
BitNile Holdings Investor Contact: IR@BitNile.com or
1-888-753-2235
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