Imperalis Holding Corp. has closed a securities purchase agreement whereby Imperalis is acquiring all outstanding shares of common stock of TurnOnGreen Inc., an electric vehicle (EV) charging and custom power solutions company, from BitNile Holdings Inc. As a result of the acquisition, TurnOnGreen is now a subsidiary of Imperalis.
Upon the closing of the acquisition, Darren Magot resigned from his position as CEO but remains a member of Imperalis’ board of directors. In addition, David Katzoff remains as Imperalis’ CFO, secretary and treasurer; Marcus Charuvastra as president; and Douglas Gintz as chief technology officer. The board of directors of Imperalis has appointed Amos Kohn as Imperalis’ CEO and chairman of the board.
“We look forward to leveraging the public markets to drive the development and distribution of TurnOnGreen’s innovative technology,” says Kohn. “TurnOnGreen has a team of experienced professionals. I am pleased to have Marcus and Douglas on our leadership team to help accelerate our growth and provide shareholder value. Marcus and Douglas’ leadership across the organization will help build a solid corporate foundation from which the Company can expand its e-Mobility products and services. Our team is focused on adding shareholder value and has the objective of pursuing an uplisting to the Nasdaq Capital Market, subject to seasoning rules and other criteria for listing.”
Prior to the acquisition, Kohn served as president and CEO, Charuvastra as the chief revenue officer and Gintz as the chief technology officer at TurnOnGreen.
“I am excited to help build a team capable of capturing a rapidly expanding electric vehicle market in North America,” states Charuvastra. “The company is uniquely positioned to build an electric vehicle charging infrastructure that will accelerate the adoption of e-mobility solutions while reducing carbon emissions from internal combustion engine automobiles.”
Imperalis, which intends to change its name to TurnOnGreen, will operate through TurnOnGreen’s two subsidiaries: TOG Technologies Inc. and Digital Power Corp. Imperalis intends to dissolve its remaining dormant subsidiary.