An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
BitNile Holdings Announces Payment in Full of $66 Million in Senior Secured Notes This Week
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
BitNile Holdings, Inc. (NYSE American: NILE) announces the repayment of its senior secured notes, eliminating most restrictive covenants and securing a virtually debt-free status aside from non-recourse hotel loans. This repayment is crucial as it will enable BitNile to distribute approximately 140 million common shares and warrants of its subsidiary, TurnOnGreen, Inc., subject to regulatory approval. The company's leadership emphasizes that this significant financial move allows for future strategic opportunities and potential special dividends for stockholders.
Positive
Repayment of senior secured notes allows for greater operational flexibility.
Company to become virtually debt-free, enhancing financial stability.
Plans to distribute approximately 140 million shares of TurnOnGreen to stockholders.
Negative
None.
LAS VEGAS--(BUSINESS WIRE)--
BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”), announced today that it will pay off its senior secured notes this week. The 10% Original Issuance Discount Promissory Notes (the “Notes”) were sold in December 2021 and are due and payable on March 31, 2022. The repayment of the Notes will release the security interest in most of the assets of the Company, as well as the pledges of equity interests in the Company’s subsidiaries.
Further, the repayment of the Notes will eliminate certain restrictive covenants, allowing the Company to move forward with the announced plans related to its subsidiary TurnOnGreen, Inc., an electronic vehicle charging and power solutions company (“TurnOnGreen”). The Company previously announced plans that will result in TurnOnGreen becoming a publicly traded company and its intent to distribute securities of TurnOnGreen to BitNile stockholders including approximately 140 million common shares of TurnOnGreen and an equal number of warrants to purchase such shares, subject to regulatory approval.
Kenneth S. Cragun, the Company’s Chief Financial Officer, said, “We are pleased to be in a position to fully pay our senior secured debt this week. Other than the loans on our portfolio of hotels, which are non-recourse to the parent company, the Company will be virtually debt free.”
Milton “Todd” Ault, III, the Company’s Executive Chairman, said, “The elimination of this secured debt is significant for BitNile and our stockholders as we will be able to pursue the issuance of special dividends and execute on strategic opportunities to spin out key holdings in the future.”
For more information on BitNile and its subsidiaries, BitNile recommends that stockholders, investors, and any other interested parties read BitNile’s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
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 the Company undertakes no obligation to update any of them 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. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.BitNile.com.
