BitNile Holdings, Inc. (NYSE:NILE), a diversified holding company (“BitNile” or the “Company“) announced today that its subsidiary, Ault Alliance, Inc. (“Ault Alliance“), did not acquire the assets of EYP, Inc. and its affiliates (“EYP“). The previously announced asset purchase agreement constituted a “stalking horse” bid in a sale process being conducted under Section 363 of the U.S. Bankruptcy Code. The prevailing bidder under the sale process was Page Southerland Page, Inc.
Ault Alliance lent $8.0 million to EYP and earned $4.7 million in interest, penalties and break-up fees from October 2021 through June 2022. The principal amount of the loans, interest, penalties and break-up fees, were fully repaid on June 30, 2022, though the Company did incur certain expenses that it will be responsible for that will not be covered by any of the foregoing payments to the Company.
Milton “Todd” Ault, III, the Company’s Executive Chairman, stated, “We congratulate Page Southerland Page on its successful bid to acquire EYP. While Ault Alliance did not end up with the winning bid, we did realize a favorable return on capital deployed for less than nine months, which is generally consistent with our goal of maximizing returns in pursuit of investments in undervalued companies or companies with deeply depressed prices.”
For more information on BitNile and its subsidiaries, BitNile recommends that stockholders, investors, and any other interested parties read BitNile’s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec.gov.
