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Ballantyne holds a $13 million preferred investment in Firefly, a privately-held company.
The acquisition will provide Firefly with access to over ten thousand top-of-car screens to significantly scale Firefly’s disruptive technology and network.
The terms of the deal were not disclosed.
“This strategic acquisition gives our portfolio company, Firefly, the opportunity to accelerate the deployment of its screens in major cities across the U.S., and we believe this represents a significant growth opportunity for the business,” said Mark Roberson, Chief Executive Officer, Ballantyne Strong.
Ballantyne’s cash and equivalents totaled $22.3 million as of March 31, 2021.
Price action: BTN shares are trading lower by 2.35% at $4.99 on the last check Monday.
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