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BitNile (NYSE:NILE) planned on Wednesday to set up four publicly-reported companies including TurnOnGreen, Giga-tronics, Ault Alliance and BitNile, according to a Filing with the SEC.
The company said it would restructure those entities and then distribute ownership of them to the owners of its shares as of the date of recording each transaction.
Specifically, BitNile (NILE) will support TurnOnGreen, which has completed a reverse acquisition, creating a publicly traded e-vehicle charging and electrical solutions company that is listed on Nasdaq Capital Markets. It filed an S-1 registration statement with the Securities and Exchange Commission on October 14, 2022.
Form S-1 registers 140 million shares of TurnOnGreen common stock and secures another 140 million shares held by BitNile (NILE) for distribution to its shareholders.
For the GIGA divestment, more than 6.88 million shares of common stock owned by BitNile (NILE) will be distributed to its stock holders on an unspecified record date. GIGA, which recently completed a merger with Gresham Worldwide to form a defense company, is expected to list on Nasdaq in early 2023, the filing shows.
Switch to Ault Alliance, BitNile (NILE) is planning to divest all ownership of the legal entity through dividends to shareholders, in a process expected to be completed in the first half of 2023.
BitNile (NILE) itself intends to release the so-called Bitcoin Marketplace in the first half of 2023. Marketplace seeks to become a multi-vendor e-commerce platform supporting a wide range of services from payment and transaction processing financial translation.
Earlier this week, (October 17) BitNile subsidiary filed a registration statement regarding planned dividend distribution.
