Fundamental Global® purchases additional shares of Ballantyne Strong Inc. (NYSE American:BTN)

Rhea-AI Summary

Fundamental Global has filed an amendment to its Schedule 13D, revealing the purchase of 80,000 shares of Ballantyne Strong (BTN), increasing its total ownership to approximately 30.8%. The firm continues to streamline its organization, having divested interests in various funds and asset management groups since 2020. CEO D. Kyle Cerminara emphasized the commitment to BTN as a strategic long-term holding while simplifying operations to enhance focus on key opportunities.

Positive

• Fundamental Global now holds about 30.8% of BTN's common stock after acquiring 80,000 shares.
• The purchases reflect confidence in BTN as a strategic long-term investment.

Negative

• None.

• Continues to simplify its organizational structure

MOORESVILLE, N.C., July 14, 2022 /PRNewswire/ -- Fundamental Global^®, a private partnership focused on long-term strategic holdings, filed an amendment to its Schedule 13D today, to reflect the recent purchases of 80,000 shares of common stock of Ballantyne Strong, Inc. ("BTN"), which were previously reported in its Form 4 filings, and which can be viewed here. Following these transactions, Fundamental Global, its affiliates and certain related parties, including its Chairman Joseph H. Moglia, collectively hold approximately 30.8% of BTN's common stock.

In addition to the recent purchases of BTN, Fundamental Global highlighted several other events that change the way its ownership is reported, as follows:

• In December 2020, Fundamental Global divested its 50% ownership interest in CWA Asset Management Group, LLC d/b/a Capital Wealth Advisors. Any shares of BTN that were previously reported as being held in CWA client accounts, have now been removed from Fundamental Global's filings going forward.
• In July 2021, Fundamental Global dissolved the FGI Global Asset Allocation Fund Ltd, and in August 2021, Fundamental Global assigned management authority for (i) the Fundamental Global Capital Appreciation Fund LP, and (ii) the FGI Global Asset Allocation Master Fund LP, and the CWA FGI Special Opportunities Fund LP, to EverStar Asset Management LLC and to CW Institutional LLC, respectively. As a result, any shares of BTN that were previously reported as being held by any of these entities, have now been removed from Fundamental Global's filings going forward.
• Also in August 2021, Fundamental Global Investors LLC assigned management authority for its other entities to Fundamental Global GP LLC. As a result, Fundamental Global Investors LLC has been removed from Fundamental Global's filings going forward.
• In December 2021, Fundamental Global Partners Master Fund LP contributed all of its holdings to Fundamental Activist Fund I LP, and Fundamental Global began the process of dissolving the master fund and its offshore feeder. As a result, any shares of BTN that were previously reported as being held by the master fund, are now reported as being held by Fundamental Activist Fund I LP going forward.

Fundamental Global CEO and Ballantyne Strong Chairman, D. Kyle Cerminara, commented, "We are pleased with our recent purchases of Ballantyne Strong, and consider it to be one of Fundamental Global's strategic long-term holdings. Furthermore, we are working diligently to eliminate unnecessary distractions that not only help simplify our organizational structure, but that also allow us to focus on our best opportunities."

Fundamental Global^®

Fundamental Global^® is a private partnership focused on long-term strategic holdings. Fundamental Global^® was co-founded by former T. Rowe Price, Point72 and Tiger Cub portfolio manager Kyle Cerminara and former Chairman and CEO of TD Ameritrade, Joe Moglia. Its current holdings include FG Financial Group Inc. (Nasdaq:FGF,FGFPP), Ballantyne Strong Inc. (NYSE American:BTN), BK Technologies Corp (NYSE American:BKTI), GreenFirst Forest Products, Inc. (TSX:GFP), FG Merger Corp. (Nasdaq:FGMC), FG Acquisition Corp. (TSX:FGAA), OppFi Inc. (NYSE:OPFI), and Hagerty Inc. (NYSE:HGTY).

CONTACT:
Kyle Cerminara, Chief Executive Officer
Kyle@fundamentalglobal.com

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SOURCE Fundamental Global

FAQ

What recent action did Fundamental Global take regarding Ballantyne Strong (BTN)?

Fundamental Global purchased an additional 80,000 shares of BTN, increasing its ownership to approximately 30.8%.

What changes occurred in Fundamental Global's organizational structure?

Fundamental Global has simplified its structure by divesting interests in various funds and asset management groups.

Who is the CEO of Fundamental Global and what is their view on BTN?

D. Kyle Cerminara, CEO of Fundamental Global, considers BTN a strategic long-term holding.

When did Fundamental Global divest from CWA Asset Management?

Fundamental Global divested its 50% stake in CWA Asset Management in December 2020.

What percentage of BTN does Fundamental Global currently own?

Fundamental Global currently owns approximately 30.8% of BTN's common stock.