TurnOnGreen and Gresham Worldwide are now publicly traded
companies. BitNile intends to have Ault Alliance become a publicly
reporting holding company focused on Bitcoin mining, data center
operations, lending, activist investing, oil exploration, and real
estate whereas BitNile will focus on a new Bitcoin marketplace
platform
Upon completion of the spin-offs BitNile will have
distributed substantially all of its nearly $600 million assets to
its shareholders
BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”) today
announced plans that will upon completion result in its having
separated into four public companies. The Company will host a
conference call at 2:00 PM Pacific Time on Monday, October 17, 2022
to provide additional information on the planned spin-offs of the
Company’s subsidiaries, summarized below:
- TurnOnGreen, Inc., an electric vehicle charging and power
solutions company, became a publicly traded company on September 6,
2022 pursuant to its acquisition by Imperalis Holding Corp. (OTC
Pink: IMHC), a publicly traded subsidiary of BitNile that intends
to change its name to TurnOnGreen, Inc. as soon as practicable
(“TurnOnGreen”);
- Gresham Worldwide, Inc. (“GWW”), a global provider of
proprietary, purpose-built electronic solutions to militaries and
leading defense companies, among other products, became a publicly
traded company on September 8, 2022 pursuant to closing of a share
exchange agreement with Giga-tronics Incorporated (“GIGA”)
(OTCQB: GIGA);
- Ault Alliance, Inc. (“Ault Alliance”), a diversified
holding company focused on Bitcoin mining, data center operations,
commercial lending, activist investing, oil exploration, hotel
operations and other commercial real estate holdings, is intended
to become a public reporting company in the first half of 2023;
and
- BitNile will after the planned spin-offs retain sufficient
capital to continue development of a new Bitcoin marketplace
platform to be discussed on the October 17, 2022 conference
call.
The spin-offs, whether completed or planned, will upon
completion result in the distribution of substantially all of the
Company’s nearly $600 million assets to its shareholders, who will
become owners of four public companies.
BitNile believes that these companies, as separate public
entities, will be better positioned to deliver long-term growth and
maximize stockholder value. Each business is expected to benefit
from increased operational focus, independent capital allocation
based on the needs of the businesses, dedicated and focused boards
of directors as well as management teams and compelling investment
profiles that will appeal to investors with distinct interests.
Regarding TurnOnGreen, as previously announced, the Company
anticipates setting a record date whereby stockholders of BitNile
will receive a dividend of securities of TurnOnGreen. BitNile
expects to distribute to its stockholders approximately 140 million
shares of TurnOnGreen common stock and warrants to purchase an
additional 140 million shares of TurnOnGreen common stock, subject
to regulatory approval and compliance with U.S. federal securities
laws. The Company plans to cause TurnOnGreen to apply to have the
warrants publicly traded.
The Company plans to have Ault Alliance become a public
reporting company in the first half of 2023. The capital structure,
leadership team and board of directors will be determined and
announced at a later time. The proposed spin-off to stockholders is
subject to the satisfaction of customary conditions, including
approval by the Company’s board of directors, private letter
rulings from the Internal Revenue Service and/or tax opinions from
counsel, and the filing and effectiveness of a Form 10 registration
statement with the U.S. Securities and Exchange Commission.
The Company’s Founder and Executive Chairman, Milton “Todd”
Ault, III said, “I could not be more excited about the Company’s
portfolio of businesses. This is a seminal moment for our Company.
We believe that our strategic plan will be transformational,
allowing each company to grow while focusing on its respective core
strengths, providing stockholders the ability to realize the full
potential of each separate company. Our goal is to distribute to
our stockholders our holdings in TurnOnGreen, GWW/GIGA and Ault
Alliance, such that one day each stockholder will own common stock
in four public companies rather than merely BitNile.”
Conference Call
The conference 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_1OdJkANdRZ-9c8AW9TKdrA
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 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 oil exploration, defense/aerospace,
industrial, automotive, medical/biopharma, karaoke audio equipment,
hotel operations 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220909005129/en/
BitNile Holdings Investor Contact: IR@BitNile.com or
1-888-753-2235
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