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March 21, 2022 Announcement
On March 21, 2022 , BitNile announced that it and TurnOnGreen entered into a securities purchase agreement (the “SPA”) with Imperalis Holding Corp. (OTC Pink: IMHC) (“ Imperalis ”), a publicly traded subsidiary of BitNile , whereby TurnOnGreen will, upon closing, become a subsidiary of Imperalis (the “Acquisition”).
Upon completion of the Acquisition, which is contingent upon the completion of an audit of TurnOnGreen, and each party’s satisfaction or waiver of certain customary closing conditions set forth in the SPA, Imperalis will change its name to TurnOnGreen and, through an upstream merger whereby the current TurnOnGreen shall cease to exist, have two operating subsidiaries, TOG Technologies Inc. and Digital Power Corporation . Promptly following the closing of the Acquisition, Imperalis will dissolve its three dormant subsidiaries.