BitNile delays spinoff of Imperalis Holding until registration completed

BitNile Holdings ( NYSE: NILE ) said Wednesday that the spinoff of Imperalis Holding, to be renamed TurnOnGreen, has been postponed until the spinoff's shares and warrants are registered and declared effective. The distribution of 140M shares of TurnOnGreen common stock, which represent ~81% of the company's common stock, and warrants to purchase an additional 140M TurnOnGreen shares were previously scheduled for Jan. 17, 2023. "At present, the company does not believe that the registration statement filed in connection therewith will have been declared effective by the Securities and Exchange Commission by January 17, 2023," BitNile ( NILE ) said. The company still plans to complete the stock and warrant distribution as soon as it's in compliance with federal securities compliance and gets regulatory approval. Imperalis Holding designs and makes power products for power products in mission-critical applications. BitNile ( NILE ), through its wholly and majority subsidiaries owns and operates a data center at which it mines bitcoin ( BTC-USD ) and supports a range of industries. In September, BitNile ( NILE ) unveiled plans for spinoffs that would create four publicly traded companies. Earlier this month, BitNile said it will be renamed Ault Alliance as of Jan. 3, 2023.