Why BitNile Shares Are Soaring

BitNile Holdings Inc NILE shares are trading significantly higher Monday after the company said its EV charging subsidiary TurnOnGreen will be acquired by BitNile subsidiary Imperalis.

Upon completion of the merger agreement, Imperalis will change its name to TurnOnGreen and have two operating subsidiaries: TOG Technologies and Digital Power Corporation.

BitNile said it expects its shareholders to receive a dividend of securities of TurnOnGreen "in due course."

BitNile Holdings is engaged in Bitcoin BTC/USD mining, data center operations and decentralized finance initiatives. In addition, the company extends credit to select entrepreneurial businesses through a licensed lending subsidiary.

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NILE 52-Week Range: $0.50 - $1.76

The stock was up 60.4% trading at 90 cents at press time.