BitNile Holdings Secures $18.9M in Secured Debt Funding

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LAS VEGAS, November 08, 2022–(BUSINESS WIRE)–BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding (“BitNile“or the”Company“) announced today that it and certain of its subsidiaries have borrowed $18.9 million in term loan principal (the “Loans“) of a group of institutional investors (the “Funding“). The Loans have a maturity of 18 months, which can be extended to 24 months, bear interest at the rate of 8.5% per annum and are secured by certain assets of the Company and various subsidiaries. From January 2023 , the lenders have the right to require the Company to make monthly payments of $0.6 million, which will increase to $1.1 million in November 2023. The loans were issued at a discount of $0.6 million. initial issue of $1.89 million.

The lenders received warrants to purchase approximately 4.5 million common shares of the Company, exercisable for four years at $0.45 per share and warrants to purchase approximately 4.5 million common shares of the Company, exercisable for four years at $0.75 per share, subject to adjustment.

The loans are guaranteed by Ault Lending, LLC, a subsidiary of the Company, Ault & Company, Inc., a subsidiary of the Company, and Milton C. Ault, III, Executive Chairman of the Company and Chief Executive Officer of ‘Ault & Company, Inc.

Proceeds from the financing will be used for the purchase of a private aircraft, which will be used for business and charter services, and for general working capital purposes.

For more information about BitNile and its subsidiaries, BitNile recommends that shareholders, investors and any other interested parties read BitNile’s public documents and press releases available in the Investor Relations section at www.BitNile.com or available on www.sec.gov.

About BitNile Holdings, Inc.

BitNile Holdings, Inc. is a diversified holding company that continues to grow by acquiring undervalued companies and disruptive technologies with global impact. Through its wholly and majority owned subsidiaries and strategic investments, BitNile owns and operates a data center in which it mines Bitcoin and provides mission-critical products that support a wide range of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharmaceutical, karaoke audio equipment, hotel and textile operations. Additionally, BitNile extends credit to certain entrepreneurial businesses through an approved lending subsidiary. BitNile’s corporate headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.

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 on 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 at which they are made, and the Company undertakes no obligation to update them publicly as a result of new information or future events. Actual results could differ materially from those contained in any forward-looking statement due to ision of various factors. Further information, including potential risk factors, that could affect the Company’s business and financial results is included in the Company’s filings with the United States Securities and Exchange Commission, including, but without limitation, Company Forms 10-K, 10-Q and 8. -K. All records are available at www.sec.gov and on the Company’s website at www.BitNile.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221108005559/en/

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