BitNile plans offering of $3 million 13% perpetual preferreds

By Wendy Van Sickle

Columbus, Ohio, May 25 – BitNile Holdings Inc. is offering $3 million, or 120,000 shares, of 13% series D cumulative redeemable perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

The preferreds will be redeemable at $25.50 per share for the first three years and at par of $25.00 per share thereafter.

Alexander Capital, LP is the underwriter.

Proceeds will be used for the purchase of Bitcoin miners and for general corporate purposes.

Olshan Frome Wolosky LLP is providing counsel to the issuer. Cozen O’Connor P.C. is acting as counsel to the underwriter. Computershare Trust Co., NA is the transfer agent.

The company has applied to list the preferreds on the New York Stock Exchange under the symbol “NILEPrD.”

BitNile is a diversified holding company based in Las Vegas that acquires undervalued businesses and disruptive technologies and owns and operates a Bitcoin mining data center, provides products that support industries such as defense and automotive and extends credit to select businesses through a licensed lending subsidiary.

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