BitNile chairman's Ault Alpha firm amasses 13% stake in company

An entity controlled by BitNile Chairman Milton "Todd" Ault, III, has purchased a total of 50M shares of BitNile ( NYSE: NILE ) common stock since September 2021, representing ~13% of NILE, the company said Friday. "Ault Alpha intends to continue its purchase of common stock of BitNile ( NILE ) if the current market conditions continue," Ault said. NILE shares gained 2.5% in Friday premarket trading. In the past month, the company's shares dropped ~26%. For the year, the stock has sunk almost 92%. Ault Alpha had made the shares purchases under a 10b5-1/10b-18 plan and anticipates adopting a new plan soon, he added. Earlier this month, BitNile ( NILE ) said it will rebrand as Ault Alliance.