13D Filing: Fundamental Global Investors, LLC and Relm Wireless Corp (RWC)

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Fundamental Global Investors 0 3,479,927 0 4,489,264 32.4%
Fundamental Global Partners Master Fund 0 1,137,886 0 1,137,886 8.2%
Fundamental Global Holdings 0 1,083,875 0 1,083,875 7.8%
FGI Global Asset Allocation Master Fund 0 106,383 0 106,383 0.8%
Fundamental Activist Fund I 0 4,696 0 4,696 Less than 1%
Ballantyne Strong, Inc 0 1,147,087 0 1,147,087 8.3%
CWA Asset Management Group 0 0 0 1,009,337 7.3%
Joseph H. Moglia 0 356,876 0 356,876 2.6%

Page 1 of 17 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION
TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

Under the Securities Exchange Act of
1934

(Amendment No. 10)*

RELM WIRELESS CORPORATION

(Name of Issuer)

Common Stock, par value $0.60 per share

(Title of Class of Securities)

759525108

(CUSIP Number)

D. Kyle Cerminara

Fundamental Global Investors, LLC

4201 Congress Street, Suite 140

Charlotte, North Carolina 28209

(704) 323-6851

With a copy to:

 

Derek D. Bork

Thompson Hine LLP

3900 Key Center

127 Public Square

Cleveland, Ohio 44114

(216) 566-5500

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

November 8, 2017

(Date of Event Which Requires Filing of
this Statement)

If the filing person
has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note: Schedules
filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §
240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required
on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).

Follow Bk Technologies Corp (NYSE:BKTI)

Page 2 of 17 – SEC Filing

CUSIP No. 759525108 13D

Page 2 of 17 Pages

1

NAME OF REPORTING PERSON

Fundamental Global Investors, LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ¨
(b) ¨
3

SEC USE ONLY

4

SOURCE OF FUNDS

AF

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

North Carolina

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

  7

SOLE VOTING POWER

0

  8

SHARED VOTING POWER

3,479,927

  9

SOLE DISPOSITIVE POWER

0

 10

SHARED DISPOSITIVE POWER

4,489,264

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

4,489,264

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

32.4%

14

TYPE OF REPORTING PERSON

OO

  

Follow Bk Technologies Corp (NYSE:BKTI)

Page 3 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 3 of 17 Pages

 

1

NAME OF REPORTING PERSON

Fundamental Global Partners Master Fund, LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨
(b) ¨
3

SEC USE ONLY

4

SOURCE OF FUNDS

WC

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

  7

SOLE VOTING POWER

0

  8

SHARED VOTING POWER

1,137,886

  9

SOLE DISPOSITIVE POWER

0

 10

SHARED DISPOSITIVE POWER

1,137,886

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

1,137,886

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

8.2%

14

TYPE OF REPORTING PERSON

PN

Follow Bk Technologies Corp (NYSE:BKTI)

Page 4 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 4 of 17 Pages

 

1

NAME OF REPORTING PERSON

Fundamental Global Holdings, LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨
(b) ¨
3

SEC USE ONLY

4

SOURCE OF FUNDS

WC

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

  7

SOLE VOTING POWER

0

  8

SHARED VOTING POWER

1,083,875

  9

SOLE DISPOSITIVE POWER

0

 10

SHARED DISPOSITIVE POWER

1,083,875

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

1,083,875

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.8%

14

TYPE OF REPORTING PERSON

PN

  

Follow Bk Technologies Corp (NYSE:BKTI)

Page 5 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 5 of 17 Pages

  

 

1

NAME OF REPORTING PERSON

FGI Global Asset Allocation Master Fund, LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨
(b) ¨
3

SEC USE ONLY

4

SOURCE OF FUNDS

WC

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

  7

SOLE VOTING POWER

0

  8

SHARED VOTING POWER

106,383

  9

SOLE DISPOSITIVE POWER

0

 10

SHARED DISPOSITIVE POWER

106,383

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

106,383

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

0.8%

14

TYPE OF REPORTING PERSON

PN

  

Follow Bk Technologies Corp (NYSE:BKTI)

Page 6 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 6 of 17 Pages

 

 

1

NAME OF REPORTING PERSON

Fundamental Activist Fund I, LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨
(b) ¨
3

SEC USE ONLY

4

SOURCE OF FUNDS

WC

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

  7

SOLE VOTING POWER

0

  8

SHARED VOTING POWER

4,696

  9

SOLE DISPOSITIVE POWER

0

 10

SHARED DISPOSITIVE POWER

4,696

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

4,696

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

Less than 1%

14

TYPE OF REPORTING PERSON

PN

  

Follow Bk Technologies Corp (NYSE:BKTI)

Page 7 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 7 of 17 Pages

 

 

1

NAME OF REPORTING PERSON

Ballantyne Strong, Inc.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ¨
(b) ¨
3

SEC USE ONLY

4

SOURCE OF FUNDS

WC

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

  7

SOLE VOTING POWER

0

  8

SHARED VOTING POWER

1,147,087

  9

SOLE DISPOSITIVE POWER

0

 10

SHARED DISPOSITIVE POWER

1,147,087

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

1,147,087

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

8.3%

14

TYPE OF REPORTING PERSON

CO

 

Follow Bk Technologies Corp (NYSE:BKTI)

Page 8 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 8 of 17 Pages

 

 

1

NAME OF REPORTING PERSON

CWA Asset Management Group, LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨
(b) ¨
3

SEC USE ONLY

4

SOURCE OF FUNDS

OO

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

FL

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

  7

SOLE VOTING POWER

0

  8

SHARED VOTING POWER

0

  9

SOLE DISPOSITIVE POWER

0

 10

SHARED DISPOSITIVE POWER

1,009,337

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

1,009,337

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.3%

14

TYPE OF REPORTING PERSON

OO

 

Follow Bk Technologies Corp (NYSE:BKTI)

Page 9 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 9 of 17 Pages

 

 

1

NAME OF REPORTING PERSON

Joseph H. Moglia

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ¨
(b) ¨
3

SEC USE ONLY

4

SOURCE OF FUNDS

PF; AF

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

  7

SOLE VOTING POWER

0

  8

SHARED VOTING POWER

356,876

  9

SOLE DISPOSITIVE POWER

0

 10

SHARED DISPOSITIVE POWER

356,876

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

356,876

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

2.6%

14

TYPE OF REPORTING PERSON

IN

Follow Bk Technologies Corp (NYSE:BKTI)

Page 10 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 10 of 17 Pages

This Amendment No.
10 to Statement of Beneficial Ownership on Schedule 13D (this “Amendment No. 10”) amends the Statement of Beneficial
Ownership on Schedule 13D filed by the Reporting Persons on September 3, 2014, as amended (the “Schedule 13D” or this
“Statement”), with respect to the Common Stock, par value $0.60 per share (the “Common Stock”), of RELM
Wireless Corporation, a Nevada corporation (the “Company”). Capitalized terms used but not defined in this Amendment
No. 10 shall have the meanings set forth in the Schedule 13D. Except as amended and supplemented by this Amendment No. 10, the
Schedule 13D remains unchanged.

Item 2. Identity and Background.

This Statement is filed
by (i) Fundamental Global Partners, LP, a Delaware limited partnership (“FGPP”), (ii) Fundamental Global Partners Master
Fund, LP, a Cayman Islands exempted limited partnership (“FGPM”), (iii) Fundamental Global Holdings, LP, a Delaware
limited partnership (“FGHP”), (iv) FGI Global Asset Allocation Master Fund, LP, a Cayman Islands exempted limited partnership
(“FGGM”), (v) Fundamental Activist Fund I, LP, a Delaware limited partnership (“FAFI”), (vi) Fundamental
Global Investors, LLC, a North Carolina limited liability company, (vii) FGI Funds Management, LLC, a Florida limited liability
company, (viii) CWA Asset Management Group, LLC (doing business as “Capital Wealth Advisors”), a Florida limited liability
company (“CWA”), (ix) Mr. Joseph H. Moglia, (x) Mr. D. Kyle Cerminara, (xi) Mr. Lewis M. Johnson, and (xii) Ballantyne
Strong, Inc., a Delaware corporation (“BTN”).

The foregoing entities
and persons are sometimes referred to herein as a “Reporting Person” and collectively as the “Reporting Persons.”
The Reporting Persons are filing this Statement jointly. Neither the fact of this filing nor anything contained herein shall be
deemed to be an admission by any of the Reporting Persons that they constitute a “group.”

The principal business
of each of FGPM, FGHP, FGGM and FAFI is serving as a private investment fund. The principal business of FGPP is serving as a private
investment fund that serves as a feeder fund to FGPM. The principal business of Fundamental Global Investors, LLC is to serve as
a registered investment advisor. The principal business of FGI Funds Management, LLC is to provide investment advisory services,
including to FGPP, FGPM, FGHP, FGGM and FAFI, as the relying advisor to Fundamental Global Investors LLC. The principal business
of CWA is to provide wealth management, estate planning and family office services to individual investors. Fundamental Global
Investors, LLC owns 50% of CWA. The principal occupation of Mr. Moglia is serving as Chairman of TD Ameritrade, Head Football Coach
for Coastal Carolina University, and Chairman of Fundamental Global Investors, LLC. The principal occupation of Mr. Cerminara is
serving as an investment manager and advisor, and Mr. Cerminara is also the Chief Executive Officer and Chairman of the Board of
Directors of BTN. The principal occupation of Mr. Johnson is serving as an investment manager and advisor. Each of Messrs. Moglia,
Cerminara and Johnson is a U.S. citizen.

The business address
of each of FGPP, Fundamental Global Investors, LLC and Mr. Moglia is 4201 Congress Street, Suite 140, Charlotte, North Carolina
28209. The business address of FGPM and FGGM is c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman,
KY1-1104 Cayman Islands. The business address of each of FGHP, FAFI, FGI Funds Management, LLC and CWA is 9130 Galleria Court,
Third Floor, Naples, Florida 34109. The business addresses for Mr. Cerminara are c/o Fundamental Global Investors, LLC, 4201 Congress
Street, Suite 140, Charlotte, North Carolina 28209; c/o Ballantyne Strong, Inc., 11422 Miracle Hills Drive, Suite 300, Omaha, Nebraska
68154; and 131 Plantation Ridge Dr., Suite 100, Mooresville, North Carolina 28117. The business addresses for Mr. Johnson are c/o
CWA Asset Management Group, LLC, 9130 Galleria Court, Third Floor, Naples, Florida 34109 and c/o Fundamental Global Investors,
LLC, 4201 Congress Street, Suite 140, Charlotte, North Carolina 28209.

Mr. D. Kyle Cerminara
is the Chief Executive Officer, Partner and Manager of Fundamental Global Investors, LLC and the Chief Executive Officer and Chairman
of the Board of Directors of BTN. Mr. Lewis M. Johnson is the President, Partner and Manager of Fundamental Global Investors, LLC.
Mr. Joseph H. Moglia is Chairman and Partner of Fundamental Global Investors, LLC. Messrs. Cerminara and Johnson are the Managers
of FGI Funds Management, LLC and Co-Chief Investment Officers of CWA. Messrs. Cerminara and Johnson are also members of the Board
of Directors of the Company.

Bill Beynon, Blaine
Ferguson, and Messrs. Cerminara and Johnson are managers of CWA. Each of these individuals is a U.S. citizen. Messrs. Beynon and
Ferguson are the co-founders of CWA, and their principal occupations are serving as managers of CWA. Their business address is
c/o CWA Asset Management Group, LLC, 9130 Galleria Court, Third Floor, Naples, Florida 34109.

Follow Bk Technologies Corp (NYSE:BKTI)

Page 11 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 11 of 17 Pages

BTN is a Delaware corporation,
with its principal executive offices located at 11422 Miracle Hills Drive, Suite 300, Omaha, Nebraska 68154. BTN is a holding company
with diverse business activities focused on serving the cinema, retail, financial and government markets. BTN and its subsidiaries
design, integrate, and install technology solutions for a broad range of applications; develop and deliver out-of-home messaging,
advertising and communications; manufacture projection screens; and provide managed services including monitoring of networked
equipment to its customers.

Information regarding
the identity and background of each executive officer and director of BTN is set forth on Schedule A to this Statement. Each of
the individuals identified on Schedule A to this Statement is a U.S. citizen.

None of the Reporting
Persons, any of their partners, managers, officers or other controlling persons or, to the Reporting Persons’ knowledge,
any individuals identified on Schedule A to this Statement has, during the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).

None of the Reporting
Persons, any of their partners, managers, officers or other controlling persons or, to the Reporting Persons’ knowledge,
any individuals identified on Schedule A to this Statement has, during the last five years, been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.

Item 3. Source and Amount of Funds or Other Consideration.

 

The total cost for
purchasing the Common Stock reported as owned by the Reporting Persons, including brokerage commissions, was approximately as follows:
FAFI, $16,671; FGPM, $4,867,549; FGHP, $5,023,775; FGGM, $501,064; BTN, $4,339,200; and Mr. Moglia, $1,458,942. The source of these
funds was working capital or personal funds, as applicable. The total cost for purchases by CWA’s customers reported in this
Amendment No. 10 was approximately $4,557,307. The source of funds for the shares of Common Stock acquired for the accounts of
CWA’s customers were funds of such customers. The shares of Common Stock reported as owned by FAFI were acquired as a result
of investor contributions.

Item 4. Purpose of Transaction.

None of the Reporting
Persons has any present plan or proposal that would result in any of the actions described in paragraphs (a) through (j) of Item
4 of Schedule 13D, except as may be proposed by Messrs. Cerminara and Johnson in their capacity as directors of the Company, or
by such board of directors with Messrs. Cerminara’s and Johnson’s participation. The Reporting Persons reserve the
right in the future to formulate any such plans or proposals, and to take any actions with respect to their investments in the
Company, including any or all of the actions described in paragraphs (a) through (j) of Item 4 of Schedule 13D.

The Reporting Persons
may in the future acquire additional shares of Common Stock of the Company or dispose of some or all of the shares of Common Stock
of the Company held by them in open-market transactions or privately negotiated transactions, on such terms and at such times as
the Reporting Persons may deem advisable, subject to applicable law.

Item 5. Interest in Securities of the Issuer.

(a) The Reporting Persons
beneficially own in the aggregate 4,846,140 shares of Common Stock, which represents approximately 35.0% of the Company’s
outstanding shares of Common Stock.

Each of FGPM, FGHP,
FGGM, FAFI and BTN directly holds the number and percentage of shares of Common Stock disclosed as beneficially owned by it in
the applicable table set forth on the cover page to this Statement. None of the other Reporting Persons or, to the Reporting Persons’
knowledge, any individuals identified on Schedule A to this Statement directly hold any of the shares of Common Stock disclosed
in this Statement, except as described below and except for Mr. Charles T. Lanktree, a director of BTN, who may be deemed to beneficially
own 7,916 shares of Common Stock, 214 of which are held by him and 7,702 of which are held by a trust of which Mr. Lanktree’s
wife is a trustee. Mr. Lanktree also holds 5,419 restricted stock units granted to him by the Company as director compensation
on June 15, 2017. Each restricted stock unit represents a contingent right to receive one share of Common Stock. The units vest
in full 12 months after the grant date, subject to Mr. Lanktree’s continued service as a director of the Company through
such date. In addition, Mr. Ferguson and Mr. Beynon hold 440 and 6,410 shares of Common Stock, respectively, as customers of CWA,
which are included in the number of shares of Common Stock reported in this Statement as beneficially held by CWA.

Follow Bk Technologies Corp (NYSE:BKTI)

Page 12 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 12 of 17 Pages

On July 6, 2015, as
director compensation, Mr. Cerminara was granted stock options to purchase 5,000 shares of Common Stock at an exercise price of
$4.66 per share, which options became exercisable on June 7, 2016. On May 18, 2016, as director compensation, Messrs. Cerminara
and Johnson were each granted stock options to purchase 5,000 shares of Common Stock at an exercise price of $4.55 per share, which
options became exercisable on April 19, 2017. On June 15, 2017, as director compensation, Messrs. Cerminara and Johnson were each
granted 5,479 restricted stock units. Each restricted represents a contingent right to receive one share of Common Stock. The restricted
stock units vest in full 12 months after the grant date, subject to Messrs. Cerminara’s and Johnson’s continued service
as a director of the Company, as applicable, through such date.

Each percentage ownership
of shares of Common Stock set forth in this Statement is based on the 13,844,584 shares of Common Stock reported by the Company
as outstanding as of October 31, 2017 in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on
November 1, 2017.

Fundamental Global
Investors, LLC may be deemed to beneficially own the shares of Common Stock disclosed as directly owned by FGPM, FGHP, FGGM and
FAFI. FGI Funds Management, LLC, as the investment manager to FGPM, FGHP, FGGM and FAFI (as the relying advisor to Fundamental
Global Investors LLC), may be deemed to beneficially own the shares of Common Stock disclosed as directly owned by FGPM, FGHP,
FGGM and FAFI. As principals of FGI Funds Management, LLC, Messrs. Cerminara and Johnson may be deemed to beneficially own the
shares of Common Stock disclosed as directly owned by FGPM, FGHP, FGGM and FAFI. As principals of Fundamental Global Investors,
LLC, Messrs. Moglia, Cerminara and Johnson may be deemed to beneficially own the shares of Common Stock disclosed as directly owned
by FGPM, FGHP, FGGM and FAFI. Because Mr. Cerminara is the Chief Executive Officer and Chairman of the Board of Directors of BTN
and principal of Fundamental Global Investors, LLC, Mr. Cerminara and Fundamental Global Investors, LLC may be deemed to beneficially
own the shares of Common Stock disclosed as directly owned by BTN. Each of Messrs. Moglia, Cerminara and Johnson expressly disclaim
such beneficial ownership. Fundamental Global Investors, LLC expressly disclaims beneficial ownership of the shares of Common Stock
held by BTN.

(b) Each of FGPM, FGHP,
FGGM, FAFI and BTN beneficially owns, and has the shared power to direct the voting and disposition of, the shares of Common Stock
disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Fundamental Global
Investors, LLC has the shared power to direct the voting and disposition of the shares of Common Stock held by FGPM, FGHP, FGGM
and FAFI. FGI Funds Management, LLC, as the investment manager of FGPM, FGHP, FGGM and FAFI (as the relying advisor to Fundamental
Global Investors LLC), has the shared power to direct the voting and disposition of the shares of Common Stock held by FGPM, FGHP,
FGGM and FAFI. Messrs. Cerminara and Johnson, as principals of FGI Funds Management, LLC, may be deemed to have the shared power
to direct the voting and disposition of the shares of Common Stock held by FGPM, FGHP, FGGM and FAFI. Messrs. Moglia, Cerminara
and Johnson, as principals of Fundamental Global Investors, LLC, may be deemed to have the shared power to direct the voting and
disposition of the shares of Common Stock held by FGPM, FGHP, FGGM and FAFI. Because Mr. Cerminara is the Chief Executive Officer
and Chairman of the Board of Directors of BTN and principal of Fundamental Global Investors, LLC, Mr. Cerminara and Fundamental
Global Investors, LLC may be deemed to have the shared power to direct the voting and disposition of the shares of Common Stock
held by BTN. Any individuals holding shares have the power to direct the voting and disposition of the respective shares of Common
Stock directly held by them.

CWA has the power
to direct the disposition of the shares of Common Stock held in its customer accounts while CWA’s customers retain the power
to direct the voting of the shares of Common Stock held in their respective accounts. CWA, in its role as investment advisor for
customer accounts, Fundamental Global Investors, LLC, as a 50% owner of CWA, and Messrs. Beynon, Cerminara, Ferguson and Johnson,
as managers of CWA, may each be deemed to beneficially own, and to have the shared power to direct the disposition of, the number
of shares of Common Stock held in the CWA’s customer accounts and disclosed as beneficially owned by CWA in the applicable
table set forth on the cover page to this Statement. Each of Fundamental Global Investors, LLC and Messrs. Beynon, Cerminara,
Ferguson and Johnson expressly disclaims such beneficial ownership.

Follow Bk Technologies Corp (NYSE:BKTI)

Page 13 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 13 of 17 Pages

(c) On January 1, 2018,
FAFI acquired 4,696 shares of Common Stock from investor contributions at a deemed purchase price of $3.55 per share. On January
1, 2018, FGPM acquired from FGPP 585,749 shares of Common Stock directly owned by FGPP at a deemed purchase price of $3.55 per
share. FGPP transferred the shares to FGPM in connection with FGPP becoming a feeder fund to FGPM. Customer accounts managed by
CWA effected the following transactions during the past 60 days: on December 7, 2017, 1,934 shares were purchased at an average
price per share of $3.6299; on December 12, 2017, 1,366 shares were sold at an average price per share of $3.61; on December 14,
2017, 16,597 shares were sold at an average price per share of $3.6616; on December 15, 2017, 12,285 shares were sold at an average
price per share of $3.5882; on December 21, 2017, 359 shares were sold at an average price per share of $3.5750; on January 18,
2018, 300 shares were sold at an average price per share of $3.9750; on January 25, 2018, 692 shares were sold at an average price
per share of $3.8665; and on January 26, 2018, 1,629 shares were sold at an average price per share of $3.6668. In addition, on
January 17, 2018, a customer account managed by CWA purchased 6.972 shares at a price of $3.95 per share through the re-investment
of dividends that were paid upon shares held by the account. Each of the foregoing transactions was effected through the open market.

(d) The customers of
CWA have the sole right to receive and, subject to notice, to withdraw the proceeds from the sale of shares of Common Stock, and
the power to direct the receipt of dividends from any shares of Common Stock held for their respective accounts. Such customers
may also terminate the investment advisory agreements upon appropriate notice. None of CWA, its owners and its managers have an
economic or pecuniary interest in any shares of the Common Stock reported herein as being held in CWA’s customer accounts.

Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.

Pursuant to Rule 13d-1(k)
promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect
to the joint filing of this Amendment No. 10, which agreement is set forth on the signature page to this Statement.

Follow Bk Technologies Corp (NYSE:BKTI)

Page 14 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 14 of 17 Pages

SIGNATURE

 

After reasonable inquiry and to the best
of our knowledge and belief, the undersigned certify that the information set forth in this Statement is true, complete and correct.

In accordance with
Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing
on behalf of each of them of this Statement on Schedule 13D with respect to the Common Stock of the Company.

Dated: February 1, 2018

FUNDAMENTAL GLOBAL INVESTORS, LLC

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Chief Executive Officer, Partner and Manager

FUNDAMENTAL GLOBAL PARTNERS, LP,

by Fundamental Global Partners GP, LLC, its general partner

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Partner and Manager

FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP,

by FG Partners GP, LLC, its general partner

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Manager

FUNDAMENTAL GLOBAL HOLDINGS, LP,
by FGI Holdings GP, LLC, its general partner

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Manager

FGI GLOBAL ASSET ALLOCATION MASTER FUND, LP,

by FGI Global Asset Allocation GP, LLC, its general partner

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Manager

FUNDAMENTAL ACTIVIST FUND I, LP,

by Fundamental Activist Fund I GP, LLC, its general partner

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Manager

Follow Bk Technologies Corp (NYSE:BKTI)

Page 15 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 15 of 17 Pages

FGI FUNDS MANAGEMENT, LLC

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Manager

/s/ D. Kyle Cerminara

D. Kyle Cerminara

/s/ Lewis M. Johnson

Lewis M. Johnson

/s/ Joseph H. Moglia

Joseph H. Moglia

BALLANTYNE STRONG, INC.

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Chief Executive Officer

CWA ASSET MANAGEMENT GROUP, LLC

/s/ D. Kyle Cerminara

D. Kyle Cerminara

Co-Chief Investment Officer

Follow Bk Technologies Corp (NYSE:BKTI)

Page 16 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 16 of 17 Pages

Schedule A

 

Identity and Background of Executive
Officers of Ballantyne Strong, Inc.
:

 

 

Name Business Address 

Present Principal Occupation and Name, Principal

Business and Address of any Organization
in

which such Employment Is Conducted

D. Kyle Cerminara

4201 Congress Street
Suite 140
Charlotte, NC 28209

11422 Miracle Hills Drive

Suite 300

Omaha, NE 68154

131 Plantation Ridge Drive
Suite 100

Mooresville, NC 28117

Chief Executive Officer

Fundamental Global Investors, LLC

4201 Congress Street, Suite 140
Charlotte, NC 28209

Chief Executive Officer and

Chairman of the Board of Directors

Ballantyne Strong, Inc.

11422 Miracle Hills Drive, Suite 300

Omaha, NE 68154

Lance V. Schulz

11422 Miracle Hills Drive

Suite 300

Omaha, NE 68154

Senior Vice President, Chief

Financial Officer, and Treasurer

Ballantyne Strong, Inc.

11422 Miracle Hills Drive, Suite 300

Omaha, NE 68154

Follow Bk Technologies Corp (NYSE:BKTI)

Page 17 of 17 – SEC Filing

 

CUSIP No. 759525108 13D

Page 17 of 17 Pages

  

 

Identity and Background of Directors
of Ballantyne Strong, Inc.
:

 

Name Business Address

Present Principal Occupation and Name, Principal

Business and Address of any Organization in

which such Employment Is Conducted

D. Kyle Cerminara See above. See above.
Samuel C. Freitag

10955 Lowell Avenue,

Suite 600,

Overland Park, KS 66210

Private Investor

10955 Lowell Avenue, Suite 600

Overland Park, KS 66210

William J. Gerber

11422 Miracle Hills Drive

Suite 300

Omaha, NE 68154

Director

Ballantyne Strong, Inc.

11422 Miracle Hills Drive, Suite 300

Omaha, NE 68154

Charles T. Lanktree

11422 Miracle Hills Drive

Suite 300

Omaha, NE 68154

President and Chief Executive Officer

Eggland’s Best, LLC

2 Ridgedale Avenue, Suite 201

Cedar Knolls, NJ 07927

Eggland’s Best, LLC is a distributor of nationally branded
eggs.

Robert J. Roschman

11422 Miracle Hills Drive

Suite 300

Omaha, NE 68154

Investor/Self-Employed

Roschman Enterprises

6300 NE 1st Avenue, Suite 300

Fort Lauderdale, FL 33334

Roschman Enterprises is involved in real estate, property management
and property development.

James C. Shay

11422 Miracle Hills Drive

Suite 300

Omaha, NE 68154

Executive Vice President and

Chief Financial Officer

Hallmark Cards, Inc.

2501 McGee Trafficway

Kansas City, MO 64108

Hallmark Cards, Inc. retails greeting cards and gifts.

Ndamukong Suh

11422 Miracle Hills Drive

Suite 300

Omaha, NE 68154

Professional Athlete; Independent Private Investor

Miami Dolphins

347 Don Shula Drive

Miami Gardens, FL 33056

Miami Dolphins is a professional American football franchise.

Lewis M. Johnson

c/o CWA Asset Management
Group, LLC

9130 Galleria Court

Third Floor

Naples, FL 34109

c/o Fundamental Global Investors, LLC

4201 Congress Street

Suite 140

Charlotte, NC 28209

CWA Asset Management Group, LLC

9130 Galleria Court, Third Floor

Naples, FL 34109

Co-Founder and Partner

Fundamental Global Investors, LLC

4201 Congress Street, Suite 140

Charlotte, NC 28209

 

Follow Bk Technologies Corp (NYSE:BKTI)