ZEST - Ault Alliance and Ecoark close $100M share exchange agreement for BITNILE.COM metaverse platform

2023-03-07 08:56:24 ET

• Ault Alliance ( NYSE: AULT ) and Ecoark ( NASDAQ: ZEST ) closed the earlier announced share exchange agreement wherein Ault Alliance and other founders sold BitNile.com, including the BITNILE.COM metaverse platform, to Ecoark for $100M in stated value of preferred stock.
• The platform enables users to engage with a new social networking community and purchase both digital and physical products while playing 3D immersive games.
• On obtaining shareholder approval for share issuance underlying the Ecoark preferred stock, Ault Alliance will beneficially own a significant majority of Ecoark and its financial results will be consolidated into Ault Alliance's financial statements.
• The preferred stock has a stated value of $100M and is convertible into Ecoark shares at $0.25/share; accrues dividends of 5% annually for 10 years.
• Acquisition is seen bringing synergies and opportunities for growth for both companies, as they work towards their shared goals in the metaverse market.

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