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BitNile Holdings Subsidiary, Ault Alliance, Agrees to Purchase EYP

BitNile Holdings, Inc., a diversified holding company (“BitNile” or the “Company”) announced that its subsidiary, Ault Alliance, Inc. (“Ault Alliance”), has agreed to lend approximately $12 million (inclusive of existing loans) through a super-priority debtor-in-possession (“DIP”) loan to, and entered into an asset purchase agreement with, EYP, Inc. and its affiliates (“EYP”) providing for the acquisition of all of EYP’s assets for an aggregate consideration of approximately $68 million. Ault Alliance will also make an offer of employment to all current employees of EYP. EYP is an integrated architecture, engineering, and design services company specializing in higher education, healthcare, government and science & technology. The firm offers planning and design, high performance engineering, environmental graphics, preservation and modernization, interiors and workplace and sustainable landscapes to create differentiated structures. EYP has interdisciplinary offices in 11 cities across the United States.

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“We are very excited about the possibility of acquiring EYP and partnering with its exceptional management team and staff. We are confident we can support EYP’s growth and maximize the long-term value of the business”

The asset purchase agreement constitutes a “stalking horse” bid in a sale process being conducted under Section 363 of the U.S. Bankruptcy Code. As such, Ault Alliance’s acquisition of EYP’s assets remains subject to approval by the United States Bankruptcy Court for the District of Delaware, following court-approved bidding procedures, including the potential receipt of competing offers for EYP’s assets at auction. It is expected that the sale process will be completed by June 2022, and that throughout the sale process, the business will continue to operate in the ordinary course providing services to its customers. As part of the purchase, Ault Alliance will be able to include the value of its DIP loan as part of its bid at closing.

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“We are very excited about the possibility of acquiring EYP and partnering with its exceptional management team and staff. We are confident we can support EYP’s growth and maximize the long-term value of the business,” said Christopher Wu, President of Ault Alliance.

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