BitNile Holdings, Inc. Announces Notice of Noncompliance with NYSE American Listing Standards

Rhea-AI Summary

BitNile Holdings, Inc. (AMEX: NILE) announced that it received a deficiency letter from NYSE American on November 2, 2022, indicating non-compliance with continued listing standards due to its low stock price. To maintain its listing, BitNile must execute a reverse stock split or demonstrate sustained price improvement by May 2, 2023. The company is focused on growth through acquiring undervalued businesses and operates in diverse sectors, including Bitcoin mining, lending, and mission-critical product support.

Positive

• Diversified business operations across multiple sectors.
• Potential for growth through strategic acquisitions.

Negative

• Received a deficiency letter from NYSE for low stock price.
• Must execute a reverse stock split or show price improvement by May 2, 2023.

LAS VEGAS--(BUSINESS WIRE)-- BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today announced that on November 2, 2022, it had received a deficiency letter (the “Letter”) from NYSE American LLC (the “Exchange”) indicating that the Company is not in compliance with the continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide (the “Company Guide”). Specifically, the Letter informed the Company that the Exchange has determined that the shares of the Company's common stock (the “Shares”) have been selling for a low price per share for a substantial period of time and, pursuant to Section 1003(f)(v) of the Company Guide, the Company's continued listing is predicated on the Company effecting a reverse stock split of the Shares or otherwise demonstrating sustained price improvement within a reasonable period of time, which the Exchange determined to be no later than May 2, 2023.

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 oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, karaoke audio equipment, hotel operations 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221108005621/en/

BitNile Holdings Investor Contact:

IR@BitNile.com or 1-888-753-2235

Source: BitNile Holdings, Inc.

FAQ

What does the deficiency letter to BitNile Holdings mean for NILE stock?

The deficiency letter indicates that BitNile Holdings is not in compliance with NYSE listing standards due to its low stock price.

What actions must BitNile Holdings take by May 2, 2023?

BitNile must execute a reverse stock split or demonstrate sustained price improvement.

How does BitNile Holdings plan to achieve growth?

BitNile aims to grow by acquiring undervalued businesses and investing in disruptive technologies.

What industries does BitNile Holdings operate in?

BitNile operates in various sectors, including Bitcoin mining, oil exploration, defense/aerospace, and more.