Ecoark Holdings, Inc. (NasdaqCM:ZEST) entered into a share exchange agreement to acquire BitNile, Inc. from Ault Alliance, Inc. (NYSEAM:AULT) and others for $100 million on February 8, 2023. The consideration consists of (i) 8,637.5 shares of newly designated Series B Convertible Preferred Stock to be issued to Ault (ii) 1,362.5 shares of newly designated Series C Convertible Preferred Stock to be issued to the Minority Shareholders. The Series B and the Series C each have a stated value of $10,000 per share for a combined stated value of $100 million. The deal is subject to Ecoark?s receipt of a fairness opinion, each parties? satisfaction of its due diligence review of the other party, completion of required stock exchange and regulatory approvals and approval of Ecoark shareholders. The acquisition is expected to complete during February 2023. Nason, Yeager, Gerson, Harris & Fumero, P.A. acted as legal advisor to Ecoark Holdings, Inc.

Ecoark Holdings, Inc. (NasdaqCM:ZEST) completed the acquisition of BitNile, Inc. from Ault Alliance, Inc. (NYSEAM:AULT) and others on March 6, 2023.