Ault Alliance Announces Termination of Exchange Offer
Portfolio Pulse from Benzinga Newsdesk
Ault Alliance has terminated its offer to exchange Class A Common Stock for 10.00% Series H Cumulative Redeemable Perpetual Preferred Stock due to logistical issues with the Depositary Trust Company (DTC) relating to the company's recent 300 for one reverse stock split.
May 19, 2023 | 10:33 am
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Ault Alliance's termination of its stock exchange offer may cause uncertainty among investors and impact the stock price.
The termination of the stock exchange offer is a direct result of logistical issues with DTC. This may cause uncertainty among investors who were expecting the exchange to take place, potentially leading to a negative impact on Ault Alliance's stock price in the short term.
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IMPORTANCE 80
RELEVANCE 100