BitNile Metaverse Announces 1-For-30 Reverse Stock Split

BitNile Metaverse, Inc. (NASDAQ:BNMV) ("BitNile" or the "Company") 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's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market (Rule 5550(a)(1)). BitNile's common stock will continue to trade on the NASDAQ Capital Market under the symbol "BNMV" 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's outstanding convertible securities.

BitNile's 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.

For more information on BitNile and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.bitnile.net or available at www.sec.gov.