BitNile changes record date for Imperialis spinoff stock distribution

BitNile announced that the record date for the stock dividend for the spinoff of Imperalis Holding, to be renamed TurnOnGreen, has been changed to January 17, 2023. The Board of Directors in November declared a pro rata dividend to the stockholders of BitNile of 140 million shares of common stock of TurnOnGreen, which represents approximately 81% of the outstanding shares of TurnOnGreen common stock, and warrants to purchase an additional 140 million shares of TurnOnGreen common stock. BitNile stockholders of record as of the close of business on January 17, 2023, will receive the Distribution Securities, which will now be payable on January 23, 2023. In lieu of receiving fractional shares, holders of BitNile common stock who would otherwise be entitled to receive fractional shares of TurnOnGreen common stock will be receiving cash for their fractional interests. Subsequent to the Distribution, BitNile will continue to beneficially own approximately 370,000 shares of TurnOnGreen common stock and 25,000 shares of series A convertible redeemable preferred stock and BitNile would remain TurnOnGreen’s largest stockholder.