BitNile Metaverse Regains Compliance with Nasdaq Minimum Bid Price Requirement
01 Juin 2023 - 2:30PM
BitNile Metaverse, Inc. (Nasdaq: BNMV)
(“
BitNile” or the “
Company”) the
company operating the rapidly growing virtual world, BitNile.com
(the “
Platform”), today announced that it has
received a formal notice from The Nasdaq Stock Market
(“
Nasdaq”) stating that BitNile has regained
compliance with the $1.00 per share minimum bid price requirement
pursuant to Nasdaq Listing Rule 5550(a)(2), and that BitNile is in
compliance with all applicable listing standards.
On December 30, 2022, BitNile was notified by
Nasdaq that that its common stock had failed to maintain a minimum
bid price of $1.00 for 30 consecutive business days and Nasdaq
provided a 180-calendar day period following the date of the notice
to regain compliance. Then, on May 8, 2023, BitNile received a
letter from the Listing Qualifications staff (the
“Staff”) of Nasdaq notifying BitNile that the
Staff has determined to delist the Company’s common stock from
Nasdaq as the Company’s common stock traded below $0.10 per share
for 10 consecutive trading days. BitNile appealed the Staff’s
decision and was granted a hearing before the Nasdaq Hearings
Panel. Since BitNile has regained compliance, the hearing has been
canceled.
BitNile’s stock will continue to be listed and
traded on The Nasdaq Capital Market.
For more information on BitNile and its
subsidiaries, the Company recommends that stockholders, investors
and any other interested parties read the Company’s public filings
and press releases available under the Investor Relations section
at www.bitnile.net or available at www.sec.gov.
About BitNile Metaverse,
Inc.
Founded in 2011, BitNile owns 100% of
BitNile.com, Inc. (“BNC”), including the metaverse
Platform. 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. In addition to BNC, BitNile also owns three
non-core subsidiaries either directly or indirectly: approximately
66% of Wolf Energy Services Inc. (OTCQB: WOEN) indirectly, 100% of
Zest Labs, Inc. directly and approximately 89% of Agora Digital
Holdings Inc. directly. BitNile also owns approximately 70% of
White River Energy Corp (OTCQB: WTRV).
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These
forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “believes,” “plans,”
“anticipates,” “projects,” “estimates,” “expects,” “intends,”
“strategy,” “future,” “opportunity,” “may,” “will,” “should,”
“could,” “potential,” or similar expressions. Statements that are
not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the
Company’s website at www.bitnile.net.
Contact:
investorrelations@bitnile.com or 1-800-762-7293
BitNile Metaverse (NASDAQ:BNMV)
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