- BitNile stock jumped 26.5% after revealing it would repay its loans.
- The company said it was ready to repay the $66 million senior loan.
- Investors applauded the move which frees up the company’s assets and equity.
Bitnile Holdings Inc (NYSEAMERICAN: NILE) stock price jumped 26.5% after confirming it would repay $66 million senior secured notes due Thursday, March 28, 2022.
The diversified holding company told investors that the repayment would release the security interest in most of its assets and the pledged interests in its operating subsidiaries.
Also read: The best growth stocks to watch in 2022.
BitNile further added that repaying the senior secured notes in full would eliminate covenants imposed on the company that could hamper its plans to IPO its subsidiary TurnOnGreen.
As reported in a previous post, BitNile plans to list TurnOnGreen via a merger with its listed subsidiaries known as Imperialis Holding Corp. (OTC Pink: IMHC).
Investors cheered today’s announcement, as evidenced by the rise in BitNile’s share price.
Kenneth S. Cragun, Chief Financial Officer of BitNile, said, “We are delighted to be able to fully repay our senior secured debt this week. Apart from borrowings on our hotel portfolio, which are without recourse to the parent company, the company will be virtually debt-free.
Milton “Todd” Ault, III, Executive Chairman of BitNile, added, “The elimination of this secured debt is important to BitNile and our shareholders as we will be able to continue issuing special dividends and seizing opportunities. strategies to create key holdings. in the future.”
BitNile shares have recently caught the attention of retail investors with good reason. The company’s shares are cheaply priced and they have seen significant price moves that have rewarded traders.
*This is not investment advice. Always exercise due diligence before making investment decisions.
Bitnile share price.
Bitnile’s stock price jumped 26.51% to trade at $1.05, up from Friday’s stock price of $0.83.
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