BitNile Metaverse Regains Compliance with Nasdaq Minimum Bid Price Requirement

By: BitNile Metaverse, Inc. via GlobeNewswire

June 01, 2023 at 08:30 AM EDT

LAS VEGAS, June 01, 2023 (GLOBE NEWSWIRE) -- 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