Shares of BitNile Holdings (NYSEAMERICAN:NILE) are trading higher in the pre-market session after the recent jump.
Trading Data
On Friday, NILE stock ended fell 4.80% to $1.19 with more 2.41 million shares, compared to its average volume of 4.63 million shares. The stock has moved within a range of $1.1850 – 1.2600 after opening trade at $1.25.
BitNile Holdings, through Its Subsidiary Ault Alliance, Acquires Property for $15.5 Million for Multifamily Project in Florida
Diversified holding company, BitNile Holdings (NYSEAMERICAN:NILE), on December 31, 2021, announced that Ault Alliance, its subsidiary through Ault Global Real Estate Equities, has acquired the property in St. Petersburg for $15.5 million which would be utilized for developing high-rise multi-family project.
Located in heart of downtown St. Petersburg and nestled in a historic neighborhood providing pedestrian access to Tampa Bay, the implementation of AGREE’s strategy will result in increasing Ault Alliance’s portfolio. This will be done with investment opportunities and extra commercial real estate cash flow.
Currently entitled with planning approval from St. Petersburg city for developing a 22-story tower, with 269 residential units, the total project cost will be $114 million.
AGREE is also partnering with Schock& Haywood Development, a hospitality development and multi-family firm with experience in New York, California, Georgia, and Florida markets.
Christopher Wu, President of Ault Alliance and the Chief Executive Officer of AGREE said that the company is pleased to be in a position for acquisition of the property in a growing metropolitan location, which is surrounded by various other municipal buildings.
Wu added that the development project will give AGREE and also the company with robust returns as well as attractive long-term cash flows. Wu further said that partnering with Schock& Haywood Development, having a robust track record of developing multi-family properties.
The firm’s Founder and Executive Chairman, Milton “Todd” Ault, III said that the company is optimistic about creating projects consistent with the development of St. Petersburg.
Technical Data
NILE stock is trading below the 20-Day and 50-Day Moving averages of $1.47 and $1.83 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.41.
