{"id":758460,"date":"2023-05-12T08:40:30","date_gmt":"2023-05-12T12:40:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bitnile-metaverse-announces-1-for-30-reverse-stock-split\/"},"modified":"2023-05-12T08:40:30","modified_gmt":"2023-05-12T12:40:30","slug":"bitnile-metaverse-announces-1-for-30-reverse-stock-split","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bitnile-metaverse-announces-1-for-30-reverse-stock-split\/","title":{"rendered":"BitNile Metaverse Announces 1-for-30 Reverse Stock Split"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">LAS VEGAS, May  12, 2023  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=OvD5vn_NhItXmBA9pP9OMYcFUTNwzIhTlTlRFDud3J4Nd3D3VA3dm1rrkQ-Lt_UN9_S6DlcCyin9iOa1O2VkAcH2boYlfV7fhZElue85DjY=\" rel=\"nofollow noopener\" target=\"_blank\"><u>BitNile Metaverse, Inc.<\/u><\/a>\u00a0(Nasdaq: BNMV) (\u201c<strong>BitNile<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d) announced today that it will effect a 1-for-30 reverse stock split of its outstanding common stock. This will be effective for trading purposes as of the commencement of trading on May 15, 2023.<\/p>\n<p align=\"justify\">The reverse stock split was previously approved by the Board of Directors of BitNile in accordance with Nevada law, under which no stockholder approval is required, and is intended to increase the per share trading price of BitNile\u2019s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market (Rule 5550(a)(1)). BitNile\u2019s common stock will continue to trade on the NASDAQ Capital Market under the symbol \u201cBNMV\u201d and under a new CUSIP number, 27888N406. As a result of the reverse stock split, every thirty pre-split shares of common stock outstanding will become one share of common stock. The reverse stock split will also proportionately reduce the number of shares of authorized common stock from 100 million to 3,333,333 shares. The reverse split will also apply to common stock issuable upon the exercise of BitNile\u2019s outstanding convertible securities.<\/p>\n<p align=\"justify\">BitNile\u2019s transfer agent, Pacific Stock Transfer Company, which is also acting as the exchange agent for the reverse split, will provide instructions to shareholders regarding the process for exchanging share certificates. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole post-split share and no shareholders will receive cash in lieu of fractional shares.<\/p>\n<p align=\"justify\">For more information on BitNile and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company\u2019s public filings and press releases available under the Investor Relations section at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gpEoyad-laERElkl-BvW3-jQ642Jyjy5Jko6dh6XxHrAchhsVHZE49mwdvXaDzv92PAj3lPe-76Vr4W09DCaAw==\" rel=\"nofollow noopener\" target=\"_blank\">www.bitnile.net<\/a>\u00a0or available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=HgzPwx9sYmJKYMzkRQZhNGdHDMzrn4Zl4E2Os9n6Lo6dHy5OSU0Gn19GQf8-_WTfMMx3YORFior-eQOl2SshvA==\" rel=\"nofollow noopener\" target=\"_blank\">www.sec.gov<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>About BitNile Metaverse, Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">Founded in 2011, BitNile owns 100% of BitNile.com, Inc., including the BITNILE.COM metaverse platform (the \u201c<strong>Platform<\/strong>\u201d). 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 also owns three non-core subsidiaries either directly or indirectly: approximately 66% of Wolf Energy Services Inc. (OTCQB: WOEN) indirectly, 100% of Zest Labs, Inc. directly and approximately 89% of Agora Digital Holdings Inc. directly. BitNile also owns approximately 70% of White River Energy Corp (OTCQB: WTRV).<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains \u201cforward-looking statements\u201d within the meaning of Section\u00a027A of the Securities Act of 1933, as amended, and Section\u00a021E of the Securities Exchange Act of 1934, as amended.\u00a0These 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 \u201cbelieves,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201copportunity,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpotential,\u201d 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 the Company undertakes no obligation to update any of them 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.\u00a0More information, including potential risk factors, that could affect the Company\u2019s business and financial results are included in the Company\u2019s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company\u2019s Forms 10-K, 10-Q and 8-K. All filings are available at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=HgzPwx9sYmJKYMzkRQZhNOSs67-VMQdB7kcFBnHicH80twza8pHEOW3yB0P4azK0hRFBaGVmmAZUbIiacxFxiQ==\" rel=\"nofollow noopener\" target=\"_blank\"><u>www.sec.gov<\/u><\/a> and on the Company\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gpEoyad-laERElkl-BvW3xEEzREEPn9heSwWo4ozwukZ4mAn5JxL_EglMcAKyEx_Ip0qnM4_1ZiAQ2H3GEhdIA==\" rel=\"nofollow noopener\" target=\"_blank\">www.bitnile.net<\/a>.<\/p>\n<p>CONTACT: <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Sf9dQuoa9Bl_Qx97MqDAPyOzE4zv8I2-tS9nxhXJaNcHS4tPmYgRRXmR7xqS9ImFgpI56WPya2nk9l3D5s0GX4-nBiPzjYAqya5gnp90VIQekA92uV764hZNcXb60sQj\" rel=\"nofollow noopener\" target=\"_blank\">investorrelations@bitnile.com<\/a> or 1-800-762-7293<\/p>\n<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzNzk3OCM1NTkxNjIyIzIwOTkxMzI=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/Zjg3NDljZTctMmM0NS00ZjdmLWI1NDQtZmEwZGQ4ODQ4NjczLTExMTA3MDM=\/tiny\/BitNile-Metaverse-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>LAS VEGAS, May 12, 2023 (GLOBE NEWSWIRE) &#8212; BitNile Metaverse, Inc.\u00a0(Nasdaq: BNMV) (\u201cBitNile\u201d or the \u201cCompany\u201d) announced today that it will effect a 1-for-30 reverse stock split of its outstanding common stock. This will be effective for trading purposes as of the commencement of trading on May 15, 2023. The reverse stock split was previously approved by the Board of Directors of BitNile in accordance with Nevada law, under which no stockholder approval is required, and is intended to increase the per share trading price of BitNile\u2019s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market (Rule 5550(a)(1)). BitNile\u2019s common stock will continue to trade on the NASDAQ Capital Market under &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bitnile-metaverse-announces-1-for-30-reverse-stock-split\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BitNile Metaverse Announces 1-for-30 Reverse Stock Split&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-758460","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BitNile Metaverse Announces 1-for-30 Reverse Stock Split - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bitnile-metaverse-announces-1-for-30-reverse-stock-split\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitNile Metaverse Announces 1-for-30 Reverse Stock Split - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"LAS VEGAS, May 12, 2023 (GLOBE NEWSWIRE) &#8212; BitNile Metaverse, Inc.\u00a0(Nasdaq: BNMV) (\u201cBitNile\u201d or the \u201cCompany\u201d) announced today that it will effect a 1-for-30 reverse stock split of its outstanding common stock. This will be effective for trading purposes as of the commencement of trading on May 15, 2023. The reverse stock split was previously approved by the Board of Directors of BitNile in accordance with Nevada law, under which no stockholder approval is required, and is intended to increase the per share trading price of BitNile\u2019s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market (Rule 5550(a)(1)). 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This will be effective for trading purposes as of the commencement of trading on May 15, 2023. The reverse stock split was previously approved by the Board of Directors of BitNile in accordance with Nevada law, under which no stockholder approval is required, and is intended to increase the per share trading price of BitNile\u2019s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market (Rule 5550(a)(1)). 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