Ault Alliance Seeks to Capitalize on Strong Market Interest and Sell Prime St. Petersburg Property

Rhea-AI Summary

Ault Alliance, Inc. (NYSE American: AULT) plans to sell its multifamily property in St. Petersburg, Florida, acquired for $15.5 million in 2021. The property's prime location and proximity to retail, hospitality, and office experiences make it attractive to investors. The sale will help reduce outstanding debt and improve profitability and cash flow in 2023.

LAS VEGAS--(BUSINESS WIRE)-- Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance” or the “Company”), announced today that it intends to take advantage of the growing demand and market interest by selling its centrally located, multifamily property in St. Petersburg, Florida, previously acquired through its subsidiary, Ault Global Real Estate Equities, Inc. (“AGREE”) in 2021 for $15.5 million. The prime location of the property, between Mirror Lake and Tampa Bay, with pedestrian access to Tampa Bay, along with its proximity to retail, hospitality, and office experiences makes it an attractive prospect for investors.

Milton “Todd” Ault, III, the Company’s Founder and Executive Chairman, stated, “Our strategic decision to seek a sale of this property stems from recognizing the impressive market interest and value the property holds. This is a compelling opportunity to generate a profit from this property, from which the Company will repay and reduce outstanding debt. Such a sale would bolster the Company’s balance sheet and support our commitment towards improving profitability and cashflow for the remainder of 2023. We are confident this decision aligns with the best interests of the Company and its stockholders.”

For more information on Ault Alliance and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.ault.com or available at www.sec.gov.

About Ault Alliance, Inc.

Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.ault.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.ault.com.

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IR@Ault.com or 1-888-753-2235

Source: Ault Alliance, Inc.

FAQ

What is the company name that plans to sell its multifamily property in St. Petersburg, Florida?

The company is Ault Alliance, Inc.

What is the location of the property?

The property is centrally located between Mirror Lake and Tampa Bay, with pedestrian access to Tampa Bay.

What was the acquisition cost of the property?

The property was acquired for $15.5 million in 2021.

How will the sale impact the company's balance sheet?

The sale will bolster the company's balance sheet by reducing outstanding debt.

What is the company's goal in selling the property?

The company aims to generate a profit, improve profitability, and increase cash flow for the remainder of 2023.

Where can stockholders and investors find more information about Ault Alliance?

Stockholders, investors, and interested parties can find more information in the Company's public filings and press releases available under the Investor Relations section at www.ault.com or www.sec.gov.