Benzinga | Feb 18, 2021 06:38AM EST

Ault Global Holdings Acquires 9.96% Equity Interest in NTN Buzztime

Ault Global Holdings, Inc. (NYSE:DPW), a diversified holding company (the "Company"), announced that as of January 29, 2021, the Company had purchased an aggregate of 295,000 shares of common stock or 9.96% equity interest in NTN Buzztime, Inc. (NYSE:NTN) ("NTN"). The Company purchased the shares of common stock at a weighted average price of $3.42 per share in the open market, for total gross proceeds of $1,010,095. For further information, see the Schedule 13D filed by the Company on January 29, 2021.

Milton "Todd" Ault, III, the Executive Chairman of the Company, stated, "We believe NTN's assets, particularly its gaming assets and customer lists, are significantly undervalued by the transactions that NTN plans to put to a stockholder vote at the special meeting of stockholders scheduled for March 15, 2021. In our view, the best outcome for stockholders would be for NTN to be unable to obtain stockholder approval required to proceed with those transactions, so the Board of Directors and senior management will need to explore other options to derive the best value for stockholders from either the sale of these assets or other initiatives."

Mr. Ault continued: "As disclosed by NTN, its bylaws state that a quorum will be needed for NTN to hold the special meeting, which requires the presence of stockholders holding a majority of the shares of stock issued and outstanding and entitled to vote. NTN also stated that certain proposals will require approval of a majority of the outstanding shares of NTN common stock. Therefore, we intend not to vote our shares at the special meeting, such that our shares will not be counted toward a quorum for purposes of the special meeting, and effectively will count as votes 'against' the proposals requiring approval of a majority of the shares outstanding."

For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.