BitNile Metaverse Regains Compliance with the Nasdaq Voting Rights Rule

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BitNile Metaverse regains compliance with Nasdaq Voting Rights Rule

Positive

• BitNile Metaverse has regained compliance with the Nasdaq Voting Rights Rule, allowing the company to focus on its mission of bringing new experiences to its Metaverse platform.

Negative

• None.

LAS VEGAS--(BUSINESS WIRE)-- BitNile Metaverse, Inc. (Nasdaq: BNMV) (“BitNile Metaverse” or the “Company”), announced today that it has regained compliance with the Nasdaq Voting Rights Rule.

On June 21, 2023, the Nasdaq Stock Market (“Nasdaq”) notified the Company that the issuance of the Series B and Series C Preferred Stock violated Nasdaq’s voting rights rule under listing Rule 5640 (the “Voting Rights Rule”). On September 28, 2023, the Company amended the Certificates of Designation for both the Series B and Series C Preferred Stock to remove all voting rights from these series. As a result, the Company has regained compliance with the Voting Rights Rule.

“We are pleased to regain compliance with Nasdaq’s Voting Rights Rule and look forward to a continued healthy relationship with the exchange. The Company regaining compliance will allow us to focus on our continued mission of bringing new and interesting experiences to our growing Metaverse platform, BitNile.com, Inc.,” stated Milton “Todd” Ault, III, Executive Chairman of BitNile.com, Inc. (“BNC”), the Company’s principal subsidiary.

About BitNile Metaverse, Inc.

Founded in 2011, BitNile Metaverse owns 100% of BNC, including the BitNile.com metaverse Platform. The Platform, which went live to the public on March 1, 2023, allows users to engage with a new social networking community and purchase both digital and physical products while playing 3D immersive games. In addition to BNC, BitNile Metaverse also owns three non-core subsidiaries either directly or indirectly: approximately 66% of Wolf Energy Services Inc. (OTCQB: WOEN) indirectly; and approximately 89% of Agora Digital Holdings Inc. directly. BitNile Metaverse also owns approximately 70% of White River Energy Corp (OTCQB: WTRV).

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and BitNile Metaverse will not undertake any obligation to update any of these statements publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks relating to the acceptance of the Platform by individuals, competition with much larger companies operating metaverses and BitNile Metaverse’s ability to raise capital, investors should review risk factors, that could affect BitNile Metaverse’s business and financial results which are included in BitNile Metaverse’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the companies’ websites at www.BitNile.net.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017291564/en/

 investorrelations@bitnile.net or 1-800-762-7293

Source: BitNile Metaverse, Inc.

FAQ

What rule did BitNile Metaverse violate?

BitNile Metaverse violated the Nasdaq Voting Rights Rule.

When did BitNile Metaverse regain compliance?

BitNile Metaverse regained compliance on September 28, 2023.

Who is the Executive Chairman of BitNile.com, Inc.?

The Executive Chairman of BitNile.com, Inc. is Milton "Todd" Ault, III.