Ault Global Holdings Acquires 9.96% Equity Interest in NTN Buzztime
February 18 2021 - 6:30AM
Business Wire
Considers Assets of NTN Undervalued by Proposed Transactions
and Intends Not to Vote its Shares at Upcoming Special Meeting on
March 15, 2021
Ault Global Holdings, Inc. (NYSE American: DPW), a diversified
holding company (the “Company”), announced that as of
January 29, 2021, the Company had purchased an aggregate of 295,000
shares of common stock or 9.96% equity interest in NTN Buzztime,
Inc. (NYSE American: NTN) (“NTN”). The Company purchased the
shares of common stock at a weighted average price of $3.42 per
share in the open market, for total gross proceeds of $1,010,095.
For further information, see the Schedule 13D filed by the Company
on January 29, 2021.
Milton “Todd” Ault, III, the Executive Chairman of the Company,
stated, “We believe NTN’s assets, particularly its gaming assets
and customer lists, are significantly undervalued by the
transactions that NTN plans to put to a stockholder vote at the
special meeting of stockholders scheduled for March 15, 2021. In
our view, the best outcome for stockholders would be for NTN to be
unable to obtain stockholder approval required to proceed with
those transactions, so the Board of Directors and senior management
will need to explore other options to derive the best value for
stockholders from either the sale of these assets or other
initiatives.”
Mr. Ault continued: “As disclosed by NTN, its bylaws state that
a quorum will be needed for NTN to hold the special meeting, which
requires the presence of stockholders holding a majority of the
shares of stock issued and outstanding and entitled to vote. NTN
also stated that certain proposals will require approval of a
majority of the outstanding shares of NTN common stock. Therefore,
we intend not to vote our shares at
the special meeting, such that our shares will not be counted
toward a quorum for purposes of the special meeting, and
effectively will count as votes ‘against’ the proposals requiring
approval of a majority of the shares outstanding.”
For more information on Ault Global Holdings 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.AultGlobal.com or available at www.sec.gov.
About Ault Global Holdings, Inc.
Ault Global Holdings, 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, the Company
provides mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma, and textiles. In addition,
the Company extends credit to select entrepreneurial businesses
through a licensed lending subsidiary. Ault Global Holding’s
headquarters are located at 11411 Southern Highlands Parkway, Suite
240, Las Vegas, NV 89141; www.AultGlobal.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.AultGlobal.com.
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