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Imperalis Holding Corporation (OTC: IMHC) is set to be renamed TurnOnGreen, Inc., focusing on electric vehicle (EV) infrastructure solutions. For Q3 2022, the company reported revenues of $1,827,000, a 67% increase from the same period last year, despite a net loss of $486,000. Total assets rose to $7,018,000, up from $4,430,000 at year-end 2021. However, nine-month revenues declined 7% to $4,018,000 with a net loss of $2,423,000. Management expresses optimistic growth expectations for EV charging infrastructure.
Imperalis Holding Corp. (OTC: IMHC) will be renamed TurnOnGreen, Inc., specializing in electric vehicle charging solutions. President Marcus Charuvastra will participate in a Federal Electric Vehicle Policy Panel at the U.S. Capitol on September 20, 2022, discussing Biden-Harris administration policies for EV infrastructure in the car rental sector. The Inflation Reduction Act supports this transition by offering clean vehicle credits, potentially growing the U.S. car rental market by 9.8% in 2022. The company aims to enhance access to federal funding for electric vehicle charging initiatives.
BitNile Holdings (AMEX: NILE) is planning to split into four public companies, focusing on diverse sectors including Bitcoin mining and electric vehicle solutions. This spin-off will see the distribution of nearly $600 million in assets to shareholders. Recent spin-offs include TurnOnGreen and Gresham Worldwide, both of which are now publicly traded. The company aims to enhance operational focus through these separations, providing stockholders with ownership stakes in distinct businesses. A conference call is scheduled for October 17, 2022 to discuss details.
Imperalis Holding Corp. (OTC: IMHC) announced the completion of its acquisition of TurnOnGreen, Inc., a company specializing in electric vehicle charging solutions. This move positions TurnOnGreen as a subsidiary of Imperalis, with Amos Kohn appointed as CEO. The acquisition aims to leverage public markets to enhance the development and distribution of TurnOnGreen's technology. The company aspires to uplift to the Nasdaq Capital Market and will operate through its subsidiaries, TOG Technologies Inc. and Digital Power Corporation.
BitNile Holdings has announced the divestiture of its subsidiary TurnOnGreen to Imperalis Holding Corp. This transaction allows BitNile to distribute approximately 140 million shares and warrants to purchase an equal number of shares of TurnOnGreen to its stockholders. The deal is valued at $36 million, eliminating intercompany accounts and strengthening BitNile's financial position. Post-acquisition, TurnOnGreen aims to pursue an uplisting to the Nasdaq Capital Market, enhancing its potential for future growth.
BitNile Holdings, Inc. (NILE) will hold a conference call on September 6, 2022, at 2:00 PM PT to discuss the spinoff of its subsidiary, TurnOnGreen, Inc., which focuses on EV charging solutions. Following an acquisition by Imperalis Holding Corp. (IMHC), TurnOnGreen will become a subsidiary of IMHC. Upon completion, BitNile stockholders can expect approximately 140 million shares of Imperalis common stock and warrants. The spinoff aims to enhance shareholder value and facilitate TurnOnGreen's listing on the Nasdaq.
BitNile announced a significant acquisition involving its subsidiary TurnOnGreen, which focuses on EV charging solutions. The acquisition will shift TurnOnGreen under Imperalis (OTC Pink: IMHC). Post-acquisition, BitNile plans to distribute approximately 140 million shares and corresponding warrants of TurnOnGreen to its stockholders. This strategic move is expected to enhance BitNile’s market position in the green technology sector and facilitate the uplisting of TurnOnGreen to the Nasdaq Capital Market.