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Ault Global Holdings plans to change name to BitNile Holdings and split into two public companies

By Edlyn Cardoza

November 23, 2021

  • Asset Management
  • Ault Alliance
  • Ault Global Holdings
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Ault Global Holdings, Ault Alliance, BitNile, USAAult Global Holdings, Inc., a diversified holding company, recently announced its plan to split into two public companies by pursuing a spin-off of Ault Alliance to its stockholders. Ault Alliance will continue its focus on the Company’s legacy businesses and more recently initiated operations, including lending and investing in the real estate and distressed asset spaces, among others, defence, and power solutions, including EV charging products. Following the spin-off of Ault Alliance, the Company, through its BitNile subsidiary, will be a pure-play provider of Bitcoin mining and data centre operations, pursuing DeFi-related initiatives.

The Company believes that both BitNile and Ault Alliance will, as separate public companies, be better positioned to deliver long-term growth and maximize stockholder value. Each business is expected to benefit from increased operational focus, independent capital allocation based on the needs of the businesses, dedicated and focused boards of directors and compelling investment profiles that will appeal to investors with distinct interests.

The Company plans to execute the spin-off of Ault Alliance in late 2022. The capital structure, leadership teams and board of directors will be determined and announced later. The proposed spin-off to stockholders is subject to the satisfaction of customary conditions, including final approval by the Company’s board of directors, private letter rulings from the Internal Revenue Service and/or tax opinions from counsel, and the filing and effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission.

The Company’s Founder and Executive Chairman, Milton “Todd” Ault, III said, “During 2021, we allocated significant capital to acquire and build out our Michigan data center and to purchase Bitcoin mining equipment at scale. These investments, coupled with our name change announcement today, demonstrate that we are committed to Bitcoin mining, data center operations and DeFi initiatives. We recently announced executed purchase agreements that will result in BitNile owning at least 20,000 Bitcoin miners by the end of 2022, as we seek to fulfill our strategic initiative of becoming one of the top 10 publicly traded Bitcoin mining companies.”

Mr. Ault continued, “At the same time, I could not be more excited about Ault Alliance’s portfolio of businesses. We look forward to continuing our mission of investing in disruptive technologies and undervalued assets. This is a seminal moment for our Company. We believe that our strategic plan will be transformational, allowing each company to grow while focusing on its respective core strengths, providing stockholders the ability to realize the full potential of the separate companies.”

Recently, IBS Intelligence reported that Ault Global Holdings, Inc., a diversified holding company, announced that it has completed the “at-the-market” (“ATM”) equity offering program under which it sold, from time to time, shares of its common stock for aggregate gross proceeds of $200 million.

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