BitNile Announces Planned Spinoffs Creating Four Public Companies
September 09, 2022 at 06:31 am EDT
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BitNile Holdings, Inc. (NYSEAM:NILE) 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 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, a publicly traded subsidiary of BitNile that intends to change its name to TurnOnGreen, Inc. as soon as practicable; Gresham Worldwide, 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); 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 $600M assets to its shareholders, who will become owners of four public companies. 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 140M 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.
Ault Alliance, Inc. is a diversified holding company. Through its subsidiaries, the Company owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services and provides mission-critical products. The Companyâs segments include Energy and Infrastructure, which offers crane operations, advanced textiles processing and oil exploration; Technology and Finance offers commercial lending, activist investing, stock trading, media, and digital learning; The Singing Machine Company, Inc. (SMC) offers consumer electronics; Sentinum, Inc. is engaged in cryptocurrency mining operations and colocation and hosting services for the emerging artificial intelligence ecosystems and other industries; GIGA which is engaged in defense industry; TurnOnGreen offers commercial electronics solutions; RiskOn International, Inc. (ROI) offers immersive metaverse platform, and Ault Disruptive is a special purpose acquisition company.