FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response...
0.5                       
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Fundamental Global Investors, LLC
2. Issuer Name and Ticker or Trading Symbol

BALLANTYNE STRONG, INC. [ BTN ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)

4201 CONGRESS STREET, SUITE 140, 
3. Date of Earliest Transaction (MM/DD/YYYY)

5/18/2020
(Street)

CHARLOTTE, NC 28209
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.01 per share 5/18/2020  P  2491 (4)A$1.4777 (5)1646055 (1)(2)(3)I Fundamental Activist Fund I, LP 
Common Stock, par value $0.01 per share 5/18/2020  P  2491 (4)A$1.4777 (5)1661137 (1)(2)(3)I Fundamental Global Partners Master Fund, LP 
Common Stock, par value $0.01 per share 5/19/2020  P  2491 (4)A$1.4825 (6)1648546 (1)(2)(3)I Fundamental Activist Fund I, LP 
Common Stock, par value $0.01 per share 5/19/2020  P  2491 (4)A$1.4825 (6)1663628 (1)(2)(3)I Fundamental Global Partners Master Fund, LP 
Common Stock, par value $0.01 per share 5/20/2020  P  2491 (4)A$1.4508 (7)1651037 (1)(2)(3)I Fundamental Activist Fund I, LP 
Common Stock, par value $0.01 per share 5/20/2020  P  2491 (4)A$1.4508 (7)1666119 (1)(2)(3)I Fundamental Global Partners Master Fund, LP 
Common Stock, par value $0.01 per share         853619 (1)(2)(3)I Fundamental Global Holdings, LP 
Common Stock, par value $0.01 per share         65739 (1)(2)(3)I FGI Global Asset Allocation Master Fund, LP 
Common Stock, par value $0.01 per share         34911 (1)(2)(3)I FGI Global Asset Allocation Fund, Ltd. 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares

Explanation of Responses:
(1) The funds managed by Fundamental Global Investors, LLC beneficially own in the aggregate 4,271,425 shares of Common Stock, which represents approximately 29.2% of the Company's outstanding shares of Common Stock. Fundamental Global Investors, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by Fundamental Global Partners Master Fund, LP ("FGPM"), Fundamental Global Holdings, LP ("FGHP"), FGI Global Asset Allocation Fund, Ltd. ("FGAA"), FGI Global Asset Allocation Master Fund, LP ("FGGM"), and Fundamental Activist Fund I, LP ("FAFI").
(2) In addition, CWA Asset Management Group, LLC, of which 50% is owned by Fundamental Global Investors, LLC, holds 714,376 shares of Common Stock (excluding Messrs. Cerminara's, Johnson's and Moglia's shares held in CWA accounts) for the accounts of individual investors, which represents approximately 4.9% of the Company's outstanding shares of Common Stock. Mr. Moglia holds 636,291 shares of Common Stock directly and through the Moglia Family Foundation and trusts. Messrs. Cerminara and Johnson also hold additional shares of Common Stock.
(3) Due to their positions with Fundamental Global Investors, LLC and affiliated entities, Messrs. D. Kyle Cerminara, Lewis M. Johnson and Joseph H. Moglia may be deemed to be beneficial owners of the shares of Common Stock disclosed as directly owned by FGPM, FGHP, FGAA, FGGM and FAFI. Each Reporting Person disclaims beneficial ownership of the shares referred to herein except to the extent of his or its pecuniary interest therein.
(4) Shares purchased pursuant to a Rule 10b5-1 trading plan entered into by Fundamental Global Investors, LLC on behalf of the funds managed by it.
(5) The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.46 and $1.49 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price.
(6) The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.46 and $1.49 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price.
(7) The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.42 and $1.47 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Fundamental Global Investors, LLC
4201 CONGRESS STREET, SUITE 140
CHARLOTTE, NC 28209
XX

Cerminara Kyle
C/O FUNDAMENTAL GLOBAL INVESTORS, LLC
4201 CONGRESS STREET, SUITE 140
CHARLOTTE, NC 28209
XX

Johnson Lewis M
C/O FUNDAMENTAL GLOBAL INVESTORS, LLC
4201 CONGRESS STREET, SUITE 140
CHARLOTTE, NC 28209
XX

MOGLIA JOSEPH H
C/O FUNDAMENTAL GLOBAL INVESTORS, LLC
4201 CONGRESS STREET, SUITE 140
CHARLOTTE, NC 28209

X


Signatures
FUNDAMENTAL GLOBAL INVESTORS, LLC /s/ D. Kyle Cerminara, Chief Executive Officer, Partner and Manager5/20/2020
**Signature of Reporting PersonDate

/s/ D. Kyle Cerminara5/20/2020
**Signature of Reporting PersonDate

/s/ Lewis M. Johnson5/20/2020
**Signature of Reporting PersonDate

/s/ Joseph H. Moglia5/20/2020
**Signature of Reporting PersonDate

Ballantyne Strong (AMEX:BTN)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Ballantyne Strong Charts.
Ballantyne Strong (AMEX:BTN)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Ballantyne Strong Charts.