BITNILE HOLDINGS, INC. : Entry into a Material Definitive Agreement, Material Modification to Rights of Security Holders, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Regulation FD Disclosure (form 8-K)

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On June 14, 2022, BitNile Holdings, Inc. (the "Company") entered into an At-the-Market Issuance Sales Agreement (the "Sales Agreement") with Ascendiant Capital Markets, LLC, as sales agent (the "Agent") to sell shares of its 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share (the "Series D Preferred Stock"), having an aggregate offering price of up to $46,400,000 (the "Shares") from time to time, through an "at the market offering" (the "ATM Offering") as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"). On June 14, 2022, the Company filed a prospectus supplement with the Securities and Exchange Commission ("SEC") relating to the offer and sale of up to $46,400,000 of Series D Preferred Stock in the ATM Offering.

The offer and sale of the Shares will be made pursuant to the Company's effective "shelf" registration statement on Form S-3 and an accompanying base prospectus contained therein (Registration Statement No. 333-260618) filed with the SEC on October 29, 2021 and declared effective by the SEC on November 12, 2021.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of any offer to buy the Shares, nor shall there be any offer, solicitation or sale of the Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

Subject to the terms and conditions of the Sales Agreement, the Agent will use its commercially reasonable efforts to sell the Shares, based upon the Company's instructions, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and rules of the NYSE American. The Company will set the parameters for sales of the Shares, including the number of Shares to be sold, the time period during which sales are requested to be made, any limitation on the number of Shares that may be sold in one trading day, and any minimum price below which sales may not be made. Under the Sales Agreement, the Agent may sell the Shares by any method permitted by law deemed to be an "at the market offering," as defined in Rule 415 of the Securities Act. The Company or the Agent may, upon written notice to the other party in accordance with the terms of the Sales Agreement, suspend offers and sales of the Shares. The Company and the Agent each have the right, in its sole discretion, to terminate the Sales Agreement at any time upon prior written notice pursuant to the terms and subject to the conditions set forth in the Sales Agreement.

The foregoing description of the terms of the Sales Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Sales Agreement, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

The legal opinion of Olshan Frome Wolosky LLP, counsel to the Company, relating to the legality of the issuance and sale of the Shares is filed as Exhibit 5.1 hereto.

ITEM 3.03. MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS.

On June 10, 2022, the Company filed a Certificate of Increase of the Designated Number of Shares of 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock (the "Certificate of Increase") with the Secretary of State of the State of Delaware to increase the number of designated shares of Series D Preferred Stock from 450,000 to 2,000,000.

ITEM 5.03. AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL

            YEAR.

On June 10, 2022, the Company filed the Certificate of Increase with the Secretary of State of the State of Delaware to increase the number of designated shares of Series D Preferred Stock from 450,000 to 2,000,000.

The Certificate of Increase became effective upon filing, and a copy is filed as Exhibit 3.1 to this Current Report on Form 8-K. The above description of the Certificate of Increase is a summary and, as such, does not purport to be complete and is qualified in its entirety by reference to the full text of the Certificate of Increase, which is incorporated herein by reference.

ITEM 7.01 REGULATION FD DISCLOSURE

On June 14, 2022, the Company issued a press release announcing the ATM Offering. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

In accordance with General Instruction B.2 of Form 8-K, the information under this item shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

The Securities and Exchange Commission encourages registrants to disclose forward-looking information so that investors can better understand the future prospects of a registrant and make informed investment decisions. This Current Report on Form 8-K and exhibits may contain these types of statements, which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and which involve risks, uncertainties and reflect the Registrant's judgment as of the date of this Current Report on Form 8-K. Forward-looking statements may relate to, among other things, operating results and are indicated by words or phrases such as "expects," "should," "will," and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this Current Report on Form 8-K. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented within.

 ITEM 9.01 EXHIBITS




(d) Exhibits



Exhibit   Description
No.

3.1         Certificate of Increase of the Designated Number of Shares of 13.00%
          Series D Cumulative Redeemable Perpetual Preferred Stock, dated June 10,
          2022.
5.1         Opinion of Olshan Frome Wolosky LLP.
10.1        At-The-Market Issuance Sales Agreement, dated June 14, 2022, with
          Ascendiant Capital Markets, LLC.
23.1        Consent of Olshan Frome Wolosky LLP (included in the opinion filed as
          Exhibit 5.1).
99.1        Press Release, issued on June 14, 2022.
101       Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in
          Inline XBRL (Inline eXtensible Business Reporting Language).
104       Cover Page Interactive Data File (embedded within the Inline XBRL document
          and included in Exhibit 101).

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