BitNile Metaverse Announces 1-for-30 Reverse Stock Split
May 12 2023 - 8:30AM
BitNile Metaverse, Inc. (Nasdaq: BNMV)
(“
BitNile” or the “
Company”)
announced today that it will effect a 1-for-30 reverse stock split
of its outstanding common stock. This will be effective for trading
purposes as of the commencement of trading on May 15, 2023.
The reverse stock split was previously approved
by the Board of Directors of BitNile in accordance with Nevada law,
under which no stockholder approval is required, and is intended to
increase the per share trading price of BitNile’s common stock to
satisfy the $1.00 minimum bid price requirement for continued
listing on The NASDAQ Capital Market (Rule 5550(a)(1)). BitNile’s
common stock will continue to trade on the NASDAQ Capital Market
under the symbol “BNMV” and under a new CUSIP number, 27888N406. As
a result of the reverse stock split, every thirty pre-split shares
of common stock outstanding will become one share of common stock.
The reverse stock split will also proportionately reduce the number
of shares of authorized common stock from 100 million to 3,333,333
shares. The reverse split will also apply to common stock issuable
upon the exercise of BitNile’s outstanding convertible
securities.
BitNile’s transfer agent, Pacific Stock Transfer
Company, which is also acting as the exchange agent for the reverse
split, will provide instructions to shareholders regarding the
process for exchanging share certificates. Any fractional shares of
common stock resulting from the reverse stock split will be rounded
up to the nearest whole post-split share and no shareholders will
receive cash in lieu of fractional shares.
For more information on BitNile and its
subsidiaries, the Company recommends that stockholders, investors
and any other interested parties read the Company’s public filings
and press releases available under the Investor Relations section
at www.bitnile.net or available at www.sec.gov.
About BitNile Metaverse,
Inc.
Founded in 2011, BitNile owns 100% of
BitNile.com, Inc., including the BITNILE.COM metaverse platform
(the “Platform”). The Platform, which went live to
the public on March 1, 2023, allows users to engage with a new
social networking community and purchase both digital and physical
products while playing 3D immersive games. In addition to BNC,
BitNile also owns three non-core subsidiaries either directly or
indirectly: approximately 66% of Wolf Energy Services Inc. (OTCQB:
WOEN) indirectly, 100% of Zest Labs, Inc. directly and
approximately 89% of Agora Digital Holdings Inc. directly. BitNile
also owns approximately 70% of White River Energy Corp (OTCQB:
WTRV).
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These
forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “believes,” “plans,”
“anticipates,” “projects,” “estimates,” “expects,” “intends,”
“strategy,” “future,” “opportunity,” “may,” “will,” “should,”
“could,” “potential,” or similar expressions. Statements that are
not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the
Company’s website at www.bitnile.net.
CONTACT: investorrelations@bitnile.com or 1-800-762-7293
BitNile Metaverse (NASDAQ:BNMV)
Historical Stock Chart
From Jun 2024 to Jul 2024
BitNile Metaverse (NASDAQ:BNMV)
Historical Stock Chart
From Jul 2023 to Jul 2024