NILE - BitNile Holdings jumps 7% on $50M repurchase program

BitNile Holdings (NYSE:NILE) jumps 7% has authorized a stock repurchase program up to $50M of its outstanding common stock over a three-year period commencing December 15, 2021. $50M repurchase program represents approx. 40% of current market cap of $126M. The Company intends to finance the repurchases from several sources, including excess cash flow from operations, when available, existing cash from the Company’s balance sheet, and proceeds from future borrowing arrangements or financings. Ault Global recently announced its plan to split into two public companies Ault Alliance and BitNile, which will see its bitcoin mining and data operations getting separated from the company’s legacy businesses, including lending and investing in the real estate and distressed asset spaces. Recently, Ault Global rallied 7% as executive chairman buys more shares.

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BitNile Holdings jumps 7% on $50M repurchase program