U.S. markets closed
  • S&P 500

    4,185.47
    +15.05 (+0.36%)
     
  • Dow 30

    34,200.67
    +164.68 (+0.48%)
     
  • Nasdaq

    14,052.34
    +13.58 (+0.10%)
     
  • Russell 2000

    2,262.67
    +5.60 (+0.25%)
     
  • Crude Oil

    63.07
    -0.39 (-0.61%)
     
  • Gold

    1,777.30
    +10.50 (+0.59%)
     
  • Silver

    26.04
    +0.08 (+0.29%)
     
  • EUR/USD

    1.1980
    +0.0004 (+0.04%)
     
  • 10-Yr Bond

    1.5730
    +0.0430 (+2.81%)
     
  • GBP/USD

    1.3840
    +0.0056 (+0.41%)
     
  • USD/JPY

    108.7900
    +0.0740 (+0.07%)
     
  • BTC-USD

    61,152.79
    +467.46 (+0.77%)
     
  • CMC Crypto 200

    1,398.97
    +7.26 (+0.52%)
     
  • FTSE 100

    7,019.53
    +36.03 (+0.52%)
     
  • Nikkei 225

    29,683.37
    +40.68 (+0.14%)
     

Ault Global Purchases Minority Stake In NTN Buzztime To Stop Gaming Asset Divestment

Anusuya Lahiri
·1 min read
  • Ault Global Holdings, Inc (NYSE: DPWacquired a 9.96% stake in NTN Buzztime, Inc (NYSE: NTN) for $1.01 million or $3.42 per share as of January 29.

  • The purchase price signifies a 37.9% discount to NTN’s Wednesday closing price.

  • Ault acquired the stake to prevent NTN from selling assets to eGames.com Holdings by forming a merger with Brooklyn ImmunoTherapeutics.

  • According to Ault, NTN’s assets, especially the gaming assets and customer lists, are significantly undervalued by the transaction.

  • NTN decided to divest the assets to finance its working capital requirements after the pandemic jeopardized its subscription revenue, advertising revenue, and cash flow base.

  • NTN has organized a special stockholder meeting on March 15 to ratify the merger and the asset sale. At the same time, AULT intends to stop the divestment by not voting at the meeting.

  • Ault had raised $125 million in an upsized secondary offering yesterday. 

  • Price action: DPW shares are down 12% at $6.90 in the pre-market session on the last check Thursday. NTN shares are up 2.54% at $5.65.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.