BitNile (NYSE:NILE) has made plans Wednesday to create four public reporting companies consisting of TurnOnGreen, Giga-tronics, Ault Alliance and BitNile, according to an SEC filing. The company said it will restructure those entities and subsequently distribute it ownership of them to its stockholders as of the record date of each transaction. Specifically, BitNile (NILE) will assist TurnOnGreen, which completed the reverse acquisition creating a publicly-traded electronic vehicle charging and power solutions firm, to get uplisted to the Nasdaq Capital Market. It filed an S-1 registration statement with the Securities and Exchange Commission on Oct. 14, 2022. The Form S-1 registers 140M shares of TurnOnGreen common stock and warrants to acquire another 140M shares held by BitNile (NILE) to distribute to its shareholders. For the GIGA divestiture, over 6.88M shares of common stock owned by BitNile (NILE) will be distributed to its stockholders at a record date that has not yet been specified. GIGA, which recently completed its merger with Gresham Worldwide to create a defense company, envisions getting uplisted to the Nasdaq by early 2023, the filing showed. Moving on to Ault Alliance, BitNile (NILE) is planning to divest all of its ownership of the entity through a dividend to stockholders, in a process that's expected to be finalized in the first half of 2023. BitNile (NILE) itself intends to release its so-called Bitcoin Ma...
