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Cryptocurrencies: 28644
Markets: 116584
Market Cap: $2,436,697,908,746     
24h Vol: $109,845,975,901
Seeking Alpha 2023-02-09 16:11:26

Ecoark to acquire metaverse platform BitNile.com from Ault Alliance

Ecoark to acquire metaverse platform BitNile.com from Ault Alliance
Ault Alliance ( NYSE: AULT ) said Thursday diversified holding company Ecoark will acquire its unit BitNile.com in exchange for Ecoark preferred stock with stated value of $100M. The preferred stock will be convertible into Ecoark shares and accrue dividends of 5% per annum for 10 years. Once the deal closes, Ault ( AULT ) will be able to convert and vote up to 19.9% of Ecoark's issued and outstanding shares. At closing, BitNile.com will own Ault's ( AULT ) 19.9% stake in cryptocurrency platform Earnity. BitNile.com's metaverse platform, which will launch on March 1, will incentivize users through a tiered rewards system supported by a revenue and reward model. At launch, the platform will be in beta format and not all experiences and functionality will be available immediately. The BitNile.com acquisition is expected to be completed this month. Earlier, BitNile chairman's Ault Alpha firm amassed 13% stake in the company .
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