Ecoark Holdings, Inc. completed the acquisition of BitNile, Inc. from Ault Alliance, Inc. and others.
March 05, 2023
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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.
RiskOn International, Inc., formerly BitNile Metaverse, Inc., owns 100% of BitNile.com, Inc., including the BitNile.com metaverse platform (the Platform), which allows users to engage with a new social networking community and purchase both digital and physical products while playing 3D immersive games. The Platform is accessible via any device using any Web browser, downloads or applications. The Platform facilitates sales of digital assets of the Company, as well as third party vendors. The Platform allows users to shop for a diverse range of real-world products. The Platform provides a selection of gaming options, including participation in games, sweepstakes and social gaming experiences, such as Blackjack. The Platform features a dedicated gaming zone for users to engage in sweepstakes gaming. The Platform also organizes competitions for users. Its subsidiary, Agora Digital Holdings, Inc., provides digital asset mining hosting services. It also owns White River Energy Corp.