BitNile News: Why Is NILE Stock Surging Today?

BitNile (NYSEAMERICAN:NILE) stock is gaining on Monday after the company revealed plans for the full repayment of its senior notes.

Concept art of crypto mining with little figuring and a Bitcoin (BTC) token representing NILE Stock.

Source: Shutterstock

This covers the Bitcoin (BTC-USD) mining company’s 10% Original Issuance Discount Promissory Notes sold in December 2021. The due date on these notes is this Thursday. The company says it will pay these notes off this week.

According to BitNile, this repayment will also open it up to move forward with plans for TurnOnGreen. This is a subsidiary of the company focused on electric vehicle (EV) charging. This will see it go public via a merger with Imperalis (OTCMKTS:IMHC), another subsidiary of BitNile.

Kenneth Cragun, the CFO of BitNile, said the following about the repayment news boosting NILE stock higher today!

“We are pleased to be in a position to fully pay our senior secured debt this week. Other than the loans on our portfolio of hotels, which are non-recourse to the parent company, the Company will be virtually debt free.”

News that BitNile is paying off its secured senior notes has NILE stock seeing heavy trading today. As of this writing, more than 133 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 10.8 million shares.

NILE stock is up 11.5% as of Monday afternoon.

Investors seeking out more stock market news will want to stick around!

InvestorPlace offers up all the most recent stock coverage with our daily dives into the market. For Monday, that includes meme stocks on the move, what has Coinbase (NASDAQ:COIN) gaining, as well as the news lending a hand to AMC Entertainment (NYSE:AMC) stock. You can find all of this at the following links!

More Stock Market News for Monday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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