BitNile Metaverse Regains Compliance with the Nasdaq Voting Rights Rule
October 17 2023 - 7:30AM
Business Wire
BitNile Metaverse, Inc. (Nasdaq: BNMV) (“BitNile
Metaverse” or the “Company”), announced today that it
has regained compliance with the Nasdaq Voting Rights Rule.
On June 21, 2023, the Nasdaq Stock Market (“Nasdaq”)
notified the Company that the issuance of the Series B and Series C
Preferred Stock violated Nasdaq’s voting rights rule under listing
Rule 5640 (the “Voting Rights Rule”). On September 28, 2023,
the Company amended the Certificates of Designation for both the
Series B and Series C Preferred Stock to remove all voting rights
from these series. As a result, the Company has regained compliance
with the Voting Rights Rule.
“We are pleased to regain compliance with Nasdaq’s Voting Rights
Rule and look forward to a continued healthy relationship with the
exchange. The Company regaining compliance will allow us to focus
on our continued mission of bringing new and interesting
experiences to our growing Metaverse platform, BitNile.com, Inc.,”
stated Milton “Todd” Ault, III, Executive Chairman of BitNile.com,
Inc. (“BNC”), the Company’s principal subsidiary.
About BitNile Metaverse, Inc.
Founded in 2011, BitNile Metaverse owns 100% of BNC, including
the BitNile.com metaverse Platform. The Platform, which went live
to the public on March 1, 2023, allows users to engage with a new
social networking community and purchase both digital and physical
products while playing 3D immersive games. In addition to BNC,
BitNile Metaverse also owns three non-core subsidiaries either
directly or indirectly: approximately 66% of Wolf Energy Services
Inc. (OTCQB: WOEN) indirectly; and approximately 89% of Agora
Digital Holdings Inc. directly. BitNile Metaverse also owns
approximately 70% of White River Energy Corp (OTCQB: WTRV).
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and BitNile Metaverse will not undertake any obligation to update
any of these statements publicly in light of new information or
future events. Actual results could differ materially from those
contained in any forward-looking statement as a result of various
factors. In addition to risks relating to the acceptance of the
Platform by individuals, competition with much larger companies
operating metaverses and BitNile Metaverse’s ability to raise
capital, investors should review risk factors, that could affect
BitNile Metaverse’s business and financial results which are
included in BitNile Metaverse’s filings with the U.S. Securities
and Exchange Commission, including, but not limited to, Forms 10-K,
10-Q and 8-K. All such filings are available at www.sec.gov and on
the companies’ websites at www.BitNile.net.
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