BitNile cancels dividend for spinoff of Imperalis Holding

BitNile Holdings announced that the record date for the stock dividend for the spinoff of Imperalis Holding, to be renamed TurnOnGreen, which was previously set for January 17, 2023, has been cancelled until further notice. At present, BitNile does not believe that the registration statement filed in connection therewith will have been declared effective by the Securities Exchange Commission by January 17, 2023, the previously announced record date. "The Company remains intent on effectuating the Distribution as soon as it may do so in compliance with federal securities compliance and appropriate regulatory approval. The Company will update its stockholders with respect to the Distribution when circumstances so permit," BitNile said in a statement. Added CEO Todd Ault, "The delay is fundamentally driven by two factors. These factors were the result of unforeseen obstacles in having the registration statement declared effective coupled with the challenge of a dividend that may be deemed close in value to the current market capitalization of the Company. Despite these challenges, I remain optimistic that both these barriers will be timely dealt with and the resulting dividend will achieve the desired outcome for the Company and its stockholders."