secwatch.observer — SEC 8-K summary
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Issuer:     TurnOnGreen, Inc. (TOGI)
CIK:        0001349706
Form:       8-K
Filed at:   2022-03-21T23:59:59+00:00
Accession:  0001214659-22-004178
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1349706/000121465922004178/0001214659-22-004178-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1349706/000121465922004178/c3212218k.htm
  HTML page:      https://secwatch.observer/filing/0001214659-22-004178

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