Ecoark Holdings, Inc. (NasdaqCM:ZEST) announced the spin-off of 70.4% stake in White River Energy Corp. (OTCPK:WTRV) for $63.9 million on September 12, 2022. As per the transaction, all common and preferred stockholders of record as of September 30, 2022, will receive on a pro rata basis, 1 share (plus a fractional share to be determined based on the total shares outstanding on the record date) for every share of Ecoark they own. As per the prospectus dated March 13, 2023, Ecoark Holdings shall distribute 42,253,521 shares of common stock of White River Energy. Holders of Ecoark common stock will be entitled to receive 1.295557900618 shares of White River Energy common stock for every share of Ecoark common stock held as of the Record Date. The shares of White River common stock to be issued to Ecoark upon conversion of the Series A held by Ecoark and subsequently distributed by Ecoark to Ecoark?s stockholders on an as-converted basis as to the Ecoark convertible preferred stock, comprised of 36,503,711 Spin-Off Shares to be issued to holders of outstanding Ecoark common stock and up to 5,749,810 Spin-Off Shares to be issued to holders of outstanding Ecoark convertible preferred stock. Transaction is expected to close on August 31, 2023. As of September 7, 2023, The estimated distribution date for the Spin-Off is September 15, 2023.

VStock Transfer, LLC act as a transfer agent to Ecoark. Nason, Yeager, Gerson, Harris & Fumero, P.A. acted as legal advisor to White River Energy.