Ault Alliance Says It Has Ended Marketing Process For Its Four Hotels Owned And Operated By Wholly Owned Subsidiary, Ault Global Real Estate Equities
Portfolio Pulse from Benzinga Newsdesk
Ault Alliance announced the termination of the marketing process for its four hotels owned by Ault Global Real Estate Equities (AGREE), a wholly owned subsidiary. Consequently, AGREE's assets and liabilities, previously classified as held for sale, will now be considered as held and used. This reclassification affects $91.0 million in assets and $70.4 million in liabilities as of December 31, 2023, which will be moved from discontinued to continuing operations in future financial statements.
April 26, 2024 | 10:34 am
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Ault Alliance's decision to end the sale process for its hotels and reclassify AGREE's assets and liabilities may impact investor perception and financial reporting.
The termination of the hotel sale process and subsequent reclassification of assets and liabilities may not have a direct immediate impact on Ault Alliance's stock price, but it could influence investor sentiment and future financial performance. The reclassification from discontinued to continuing operations may lead to a reassessment of the company's financial health and operational focus, potentially affecting stock performance in the short term.
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