Business
Ault Alliance and Ecoark Holdings Sign Share Exchange Agreement
Ault Alliance and Ecoark Holdings Sign Share Exchange Agreement.
About this update from Wolf Energy Services Inc.
[{"type":"text","content":"\n Agreement provides for the acquisition of BitNile.com, Inc. by Ecoark for $100 Million in Stated Value of Preferred Stock BitNile.com to launch what it believes to be the first metaverse super-app that runs entirely in the web browser with no pixel streaming LAS VEGAS, Feb. 09, 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 entered into a share exchange agreement (the “Agreement”) whereby, upon closing, Ecoark will acquire 100% of the outstanding equity of Ault Alliance’s subsidiary BitNile.com, Inc. (“BitNile.com”). BitNile.com’s metaverse platform (the “Platform”) will launch on March 1, 2023, representing an evolution of how people interact digitally with a bidirectional connection to the physical. The Platform will incentivize users through a tiered rewards system supported by a revenue and reward model. The Platform will be device-agnostic, where users will be able to play 3D immersive games, can purchase both digital and physical products, experience various forms of entertainment, and engage with a new social networking community across any of their internet connected devices. The Platform will allow users to participate in the metaverse with unique avatars and customized skins. According to Statistica, revenue in the metaverse market is projected to reach $55 billion in 2023 and metaverse’s reach is projected to be 700 million people by 2030. By providing access to and combining various elements of gaming, shopping and advertising, the Platform’s addressable marketplaces will include the online retail/ecommerce market, which is estimated at $6.3 trillion per eMarketer, the collectibles marketplace, estimated to be $426 billion per Market Decipher, and the global online gaming market, which is estimated at $63 billion according to Grand View Research. The Platform’s technology is powered by proprietary software from a third-party that has the ability to scale, given the marketplaces BitNile.com anticipates to target in the future. Examples of the digital “in-world” experiences the Platform anticipates making available include slot machines, a sports book, Texas HoldR...