Ault Alliance and Ecoark Holdings Complete $100 Million Share Exchange Agreement for BITNILE.COM Metaverse Platform

Provided By Globe Newswire

Last update: Mar 7, 2023

LAS VEGAS, March 07, 2023 (GLOBE NEWSWIRE) -- Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance”) and Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST) announced today that they have completed the previously announced share exchange agreement (the “Agreement”), whereby Ault Alliance and other founders sold BitNile.com, Inc., including the BITNILE.COM metaverse platform (the “Platform”), to Ecoark for $100 million in stated value of preferred stock. The Platform, which went live to the public on March 1, 2023, allows users to engage with a new social networking community and purchase both digital and physical products while playing 3D immersive games. The Platform is expected to have a tiered rewards system, which incentivizes behavior, while advertising models will target specific users. The Platform is early access and not all experiences are immediately available.