Imperalis to acquire TurnOnGreen from BitNile in exchange for $25M preferred stock

TurnOnGreen, Inc.

Parent BitNile contributes all TurnOnGreen shares and forgives ~$25M in intracompany accounts for 25,000 Series A Preferred shares ($1,000 stated value each).
Post-closing, IMHC will rename to TurnOnGreen, Inc.; TOGI becomes wholly owned subsidiary; IMHC common stock remains outstanding.
Closing subject to delivery of audited financials of TOGI and other customary conditions.
IMHC Preferred Stock carries $25M liquidation preference, is convertible to common at Parent's option, and is redeemable by Parent.

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