Ault Alliance Inc AULT shares are trading higher by 20% to $0.29 during Friday’s session after the company announced that it received an investment of $44 million to date from Ault & Company under the November 2023 Securities Purchase Agreement.
What Happened?
Ault Alliance announced that its affiliate, Ault & Company, has invested $44.0 million according to a Securities Purchase Agreement. Ault & Company has acquired 44,000 shares of Series C convertible preferred stock and warrants to purchase around 13.0 million shares of the Company. They have the option to invest up to $75.0 million in multiple rounds.
See Also: Increase In Card Member Spending Boosts Amex Q1 Revenue, Company Eyes Steady Annual Growth
CEO and executive chairman Milton “Todd” Ault, III expressed confidence in the company’s growth and future prospects, citing an increase in annual revenue from $8 million in 2017 to a projected $200 million this fiscal year. He highlighted the focus on core businesses such as Sentinum data centers and Circle 8 crane rentals, emphasizing the growth potential in the artificial intelligence data center space.
According to data from Benzinga Pro, AULT has a 52-week high of $883.26 and a 52-week low of $0.22.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
