NILE - BitNile to split into four public reporting firms in restructuring push

BitNile ( NYSE: NILE ) has made plans Wednesday to create four public reporting companies consisting of TurnOnGreen, Giga-tronics, Ault Alliance and BitNile, according to an SEC filing .

The company said it will restructure those entities and subsequently distribute it ownership of them to its stockholders as of the record date of each transaction.

Specifically, BitNile ( NILE ) will assist TurnOnGreen, which completed the reverse acquisition creating a publicly-traded electronic vehicle charging and power solutions firm, to get uplisted to the Nasdaq Capital Market. It filed an S-1 registration statement with the Securities and Exchange Commission on Oct. 14, 2022.

The Form S-1 registers 140M shares of TurnOnGreen common stock and warrants to acquire another 140M shares held by BitNile ( NILE ) to distribute to its shareholders.

For the GIGA divestiture, over 6.88M shares of common stock owned by BitNile ( NILE ) will be distributed to its stockholders at a record date that has not yet been specified. GIGA, which recently completed its merger with Gresham Worldwide to create a defense company, envisions getting uplisted to the Nasdaq by early 2023, the filing showed.

Moving on to Ault Alliance, BitNile ( NILE ) is planning to divest all of its ownership of the entity through a dividend to stockholders, in a process that's expected to be finalized in the first half of 2023.

BitNile ( NILE ) itself intends to release its so-called Bitcoin Marketplace in H1 2023. The marketplace seeks to be a multi-vendor e-commerce platform supporting an array of services ranging from payments and financial transaction processing.

Earlier this week, (Oct. 17) BitNile subsidiary files registration statement related to planned dividend distribution .

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