NILE - BitNile delays spinoff of Imperalis Holding until registration completed

• BitNile Holdings ( NYSE: NILE ) said Wednesday that the spinoff of Imperalis Holding, to be renamed TurnOnGreen, has been postponed until the spinoff's shares and warrants are registered and declared effective.
• The distribution of 140M shares of TurnOnGreen common stock, which represent ~81% of the company's common stock, and warrants to purchase an additional 140M TurnOnGreen shares were previously scheduled for Jan. 17, 2023.
• "At present, the  company does not believe that the registration statement filed in connection therewith will have been declared effective by the Securities and Exchange Commission by January 17, 2023," BitNile ( NILE ) said.
• The company still plans to complete the stock and warrant distribution as soon as it's in compliance with federal securities compliance and gets regulatory approval.
• Imperalis Holding designs and makes power products for power products in mission-critical applications. BitNile ( NILE ), through its wholly and majority subsidiaries owns and operates a data center at which it mines bitcoin ( BTC-USD ) and supports a range of industries.
• In September, BitNile ( NILE ) unveiled plans for spinoffs that would create four publicly traded companies. Earlier this month, BitNile said it will be renamed Ault Alliance as of Jan. 3, 2023.

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