NILE - BitNile stocks rises on TurnOnGreen divestiture

• BitNile ( NYSE: NILE ) shares popped up to 15% pre-market on Tuesday after the company divested its TurnOnGreen subsidiary to another subsidiary Imperalis ( OTCPK:IMHC ).
• TurnOnGreen, an EV charging and power solutions company, executed a securities purchase agreement with Imperalis ( OTCPK:IMHC ), whereby Imperalis acquired all of the outstanding shares of TurnOnGreen common stock from BitNile ( NILE ). As a result of the transaction, TurnOnGreen became a subsidiary of Imperalis.
• Imperalis plans to change its name to TurnOnGreen as soon as practicable and will operate through its two subsidiaries, TOG Technologies and Digital Power. It also plans to dissolve its remaining dormant subsidiary.
• BitNile ( NILE ), meanwhile, will assist TurnOnGreen in pursuing an uplisting to the Nasdaq. It will soon set a record date, whereby its stockholders will receive a dividend of securities of TurnOnGreen.
• The company plans to distribute to its stockholders ~140M shares and warrants to purchase an equal number of shares of TurnOnGreen.

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