BitNile Holdings Announces Change Of Record Date For Stock Distribution For Spinoff Of Securities Of Imperalis Holding

BitNile Holdings, Inc. (NYSE:NILE), a diversified holding company ("BitNile" or the "Company"), announced today that the record date for the stock dividend for the spinoff of Imperalis Holding, to be renamed TurnOnGreen ("TurnOnGreen"), has been changed to January 17, 2023. The Company's Board of Directors in November declared a pro rata dividend to the stockholders of BitNile of (i) 140 million shares of common stock of TurnOnGreen, which represents approximately 81% of the outstanding shares of TurnOnGreen common stock, and (ii) warrants to purchase an additional 140 million shares of TurnOnGreen common stock (the "Distribution Securities" and the transaction, the "Distribution"). BitNile stockholders of record as of the close of business on January 17, 2023 (the "Record Date") will receive the Distribution Securities, which will now be payable on January 23, 2023 (the "Distribution Date").

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As a reminder, BitNile stockholders who own BitNile common stock in registered form, in most cases the transfer agent, acting as the distribution agent, will credit their Distribution Securities to book-entry accounts established to hold their Distribution Securities. The distribution agent will mail these stockholders a statement reflecting their ownership of Distribution Securities shortly after the Distribution Date. For stockholders who own BitNile common stock through a broker, bank or other nominee, their Distribution Securities will be credited to their accounts by that broker, bank or other nominee.

The Company noted no fractional shares of TurnOnGreen common stock are being issued. In lieu of receiving fractional shares, holders of BitNile common stock who would otherwise be entitled to receive fractional shares of TurnOnGreen common stock will be receiving cash for their fractional interests.

Subsequent to the Distribution, BitNile will continue to beneficially own approximately 370,000 shares of TurnOnGreen common stock and 25,000 shares of series A convertible redeemable preferred stock and BitNile would remain TurnOnGreen's largest stockholder.

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.