By Josh Beckerman
BitNile Metaverse said Nasdaq staff determined the company violated Nasdaq’s voting rights rule in connection with preferred stock issued in the purchase of BitNile.com Inc.
Nasdaq staff determined “the voting rights attributable to the preferred stock has the effect of disparately reducing the voting rights of the company’s existing shareholders.”
BitNile Metaverse has until Aug. 7 to submit a compliance plan. The company said the Nasdaq letter has no immediate impact on its listing.
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