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 Related Quotes
 Ault Alliance Inc  0.284   0.0051  1.83%
 Enter Symbols: 

Ault Alliance Announces Termination of At-The-Market Offering and Embarks on Path to Corporate Restructuring

LAS VEGAS, Mar. 13 /BusinessWire/ -- Ault Alliance, Inc. (NYSE American:AULT), a diversified holding company ("Ault Alliance," or the "Company"), today announced the termination of its at-the-market issuance sales agreement for sales of its common stock ("ATM") and also announced its commitment to not utilize an ATM for sales of its common stock for not only the duration of 2024 but the foreseeable future. The Company may, however, consider issuing non-convertible debt to continue to fund its operations until its revenues can cover such costs.

Further, the Company plans to restructure ownership of its operating businesses to create a more simple, efficient and understandable organizational chart. Once complete, the Company will have two reporting segments, consisting of Sentinum, Inc. ("Sentinum") and Ault Capital Group, Inc. ("Ault Capital"). Sentinum runs data center operations, including bitcoin mining, while Ault Capital contains all other entities such as Circle 8 Crane Services, LLC, Giga-tronics Incorporated, Ault Lending, LLC, and other legacy entities.

Milton "Todd" Ault III, Founder and Executive Chairman of Ault Alliance, provided comments on the Company's strategic direction, emphasizing the importance of today's announcement, "Today marks a pivotal moment for Ault Alliance as we conclude our ATM program and fundamentally reevaluate our financing strategy. We have accumulated a nearly $400 million asset base and will continue to work on bridging the gap between our public valuation and the true value of the underlying assets. This strategic shift is not merely about changing our financing approach; it's a testament to our unwavering dedication to maximizing stockholder value and securing a robust financial future for the Company. By streamlining our operations and strategically leveraging our legacy investments, we are not just simplifying our structure but are paving the way for sustainable growth and innovation. Our focus now intensifies on Sentinum and Ault Capital, aiming to fuel their expansion through thoughtful and strategic financing methods, which include the ongoing funding from Ault & Company, Inc., through the Series C preferred stock investment. I am excited about this new chapter in Ault Alliance's story and firmly believe that these changes will bring substantial benefits to our stockholders, enhance our market position, and set a solid foundation for future prosperity."

For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance's public filings and press releases available under the Investor Relations section at www.Ault.com or 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 offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including a 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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