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Ballantyne Strong, Inc. (NYSE:BTN) (the “Company” or “Ballantyne Strong”) today announced that the Company plans to change its name to FG Group Holdings Inc., effective after trading on Friday, December 23, 2022. In conjunction with the name change, the Company’s common stock is expected to begin trading on the NYSE American exchange under the new ticker symbol “FGH” at the opening of trading on Tuesday, December 27, 2022. The name change was previously approved by the Company’s stockholders at the 2021 Annual Meeting of Stockholders.
Kyle Cerminara, Chairman of Ballantyne Strong and CEO of Fundamental Global®, commented, “We have made tremendous progress evolving our business model, and the new name better reflects our strategy of deploying capital to strong businesses across diverse, growing end markets. The business is now well-positioned, and we are driving improving operating results reflected most recently in our 68% growth in third quarter revenue. Strong Entertainment is seeing momentum driven by a robust cinema release schedule and laser upgrade cycle and FG Financial, Firefly and GreenFirst Forest Products continue to execute well against their business plans. We look forward to driving sustained long-term value for our shareholders.”
Mark Roberson, CEO of Ballantyne Strong, commented, “This name change is a natural next step for our business given our refined strategy focused on diverse businesses in attractive end markets. All of our companies are performing well, and we are well positioned to continue driving growth and value for our shareholders.”
The Company also announced that it intends to complete its reincorporation from Delaware to Nevada, as approved by stockholders at the Company’s 2022 Annual Meeting of Stockholders on December 6, 2022, also effective after trading on Friday, December 23, 2022. The Company estimates that incorporating in Nevada will, among other things, mitigate costs and help the Company attract and retain qualified management by reducing the risk of frivolous lawsuits being filed against the Company and its directors and officers.
Posted In: BTN
