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Filing Details

Accession Number:: 0001420506-20-001358
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2020-12-07 11:56:41
Reporting Period:: 2020-12-03

Accepted Time:: 2020-12-07 11:56:41
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
946454	Ballantyne Strong Inc.	BTN	Photographic Equipment & Supplies (3861)	470587703

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1187586	H Joseph Moglia	C/O Fundamental Global Investors, Llc 4201 Congress Street, Suite 140 Charlotte NC 28209	No	No	Yes	No
1591508	Fundamental Global Investors, Llc	4201 Congress Street Suite 140 Charlotte NC 28209	Yes	No	Yes	No
1619951	M Lewis Johnson	C/O Fundamental Global Investors, Llc 4201 Congress Sreet, Suite 140 Charlotte NC 28209	Yes	No	Yes	No
1619991	Kyle Cerminara	C/O Fundamental Global Investors, Llc 4201 Congress Street, Suite 140 Charlotte NC 28209	Yes	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.01 Per Share	Acquisiton	2020-12-03	5,015	$2.09	2,187,806	No	4	P	Indirect	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
Common Stock, Par Value $0.01 Per Share	Acquisiton	2020-12-03	2,701	$2.09	269,865	No	4	P	Indirect	FGI GLOBAL ASSET ALLOCATION MASTER FUND, LP
Common Stock, Par Value $0.01 Per Share	Acquisiton	2020-12-04	437	$2.17	2,188,243	No	4	P	Indirect	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
Common Stock, Par Value $0.01 Per Share	Acquisiton	2020-12-04	258	$2.17	270,123	No	4	P	Indirect	FGI GLOBAL ASSET ALLOCATION MASTER FUND, LP

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
No	4	P	Indirect	FGI GLOBAL ASSET ALLOCATION MASTER FUND, LP
No	4	P	Indirect	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
No	4	P	Indirect	FGI GLOBAL ASSET ALLOCATION MASTER FUND, LP

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock, Par Value $0.01 Per Share	1,793,591	Indirect	FUNDAMENTAL ACTIVIST FUND I, LP
Common Stock, Par Value $0.01 Per Share	853,619	Indirect	FUNDAMENTAL GLOBAL HOLDINGS, LP
Common Stock, Par Value $0.01 Per Share	34,911	Indirect	FGI GLOBAL ASSET ALLOCATION FUND, LTD.
Common Stock, Par Value $0.01 Per Share	24,300	Indirect	FUNDAMENTAL GLOBAL CAPITAL APPRECIATION FUND, LP

Footnotes

The funds managed by Fundamental Global Investors, LLC beneficially own in the aggregate 5,164,787 shares of Common Stock, which represents approximately 34.9% of the Company's outstanding shares of Common Stock. Fundamental Global Investors, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by Fundamental Global Partners Master Fund, LP ("FGPM"), Fundamental Global Holdings, LP ("FGHP"), FGI Global Asset Allocation Fund, Ltd. ("FGAA"), FGI Global Asset Allocation Master Fund, LP ("FGGM"), Fundamental Activist Fund I, LP ("FAFI") and Fundamental Global Capital Appreciation Fund, LP ("FGCA").
In addition, CWA Asset Management Group, LLC, of which 50% is owned by Fundamental Global Investors, LLC, holds 587,384 shares of Common Stock (excluding Messrs. Cerminara's, Johnson's and Moglia's shares held in CWA accounts) for the accounts of individual investors, which represents approximately 4.0% of the Company's outstanding shares of Common Stock. Mr. Moglia holds 636,291 shares of Common Stock directly and through the Moglia Family Foundation and trusts. Messrs. Cerminara and Johnson also hold additional shares of Common Stock.
Due to their positions with Fundamental Global Investors, LLC and affiliated entities, Messrs. D. Kyle Cerminara, Lewis M. Johnson and Joseph H. Moglia may be deemed to be beneficial owners of the shares of Common Stock disclosed as directly owned by FGPM, FGHP, FGAA, FGGM, FAFI and FGCA. Each Reporting Person disclaims beneficial ownership of the shares referred to herein except to the extent of his or its pecuniary interest therein.
Shares purchased pursuant to a Rule 10b5-1 trading plan entered into by Fundamental Global Investors, LLC on behalf of the funds managed by it.
The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.06 and $2.14 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price.
The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.16 and $2.20 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price.