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Seeking Alpha 2022-07-07 11:46:33

BitNile' subsidiary Ault Alliance did not acquire EYP

BitNile's (NYSE:NILE) subsidiary Ault Alliance did not acquire the assets of EYP and its affiliates. The asset purchase pact constituted a "stalking horse" bid in a sale process being conducted under Section 363 of the U.S. Bankruptcy Code. The prevailing bidder under the sale process was Page Southerland Page. Ault Alliance lent $8.0M to EYP and earned $4.7M in interest, penalties and break-up fees from October 2021 through June 2022. The Loan to EYP repaid in full, including $2.9M break-up fee and partial expense reimbursement.Milton “Todd” Ault, III, the company’s Executive Chairman, stated, “We congratulate Page Southerland Page on its successful bid to acquire EYP. While Ault Alliance did not end up with the winning bid, we did realize a favorable return on capital deployed for less than nine months.”Shares of NILE are up 1.9% premarket.

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