Core Points - Ault Alliance, Inc. has announced the removal of certain proposals from its Annual Meeting of Stockholders due to the absence of quorum [1][2] - The Company has amended its Bylaws to reduce the quorum requirement from a majority to thirty-five percent (35%) of the voting power [2] - The Meeting has been adjourned to January 12, 2024, and will focus on electing directors, ratifying the appointment of an accounting firm, and approving a reverse stock split [3] Proposal Changes - The following proposals have been removed from consideration: - Conversion of a 10% Senior Secured Convertible Note worth $17,519,832 into Class A common stock [2] - Conversion of 50,000 shares of Series C convertible preferred stock into common stock and warrants for a total of up to $50,000,000 [2] - Issuance of additional shares of common stock related to a Convertible Note of $2.2 million and a potential additional note of up to $3,300,000 [2] Meeting Agenda - The Meeting will include: - Election of seven director nominees [3] - Ratification of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2023 [3] - Approval of an amendment for a reverse stock split of common stock by a ratio between one-for-five and one-for-twenty-five [3] - Potential adjournment of the Meeting for further solicitation of proxies if necessary [3] Company Overview - Ault Alliance, Inc. is a diversified holding company focused on acquiring undervalued businesses and disruptive technologies [6] - The Company operates a data center for Bitcoin mining and offers colocation and hosting services, along with various mission-critical products across multiple industries [6]
Ault Alliance Announces the Removal of Certain Proposals to Be Voted upon at Its Annual Meeting of Stockholders and the Reduction in the Percentage Required to Obtain Quorum