Summary by Moomoo AI
Ault Alliance, Inc., a Delaware-based company, has filed an amendment to its Form 8-K with the SEC, detailing changes to a previously reported securities purchase agreement. The amendment, dated March 25, 2024, increases the total financing from $50 million to $75 million and extends the final tranche closing date. The agreement, originally dated November 6, 2023, involves the sale of Series C convertible preferred stock and warrants to Ault & Company, Inc., an affiliate of Ault Alliance. As of March 25, 2024, Ault & Company has purchased 43,500 shares of the preferred stock and warrants to purchase additional shares, totaling $43.5 million in investment. The amendment also includes adjustments to the conversion price of the preferred stock and the exercise price of the warrants, as well as an extension of the termination date of the agreement to June 30, 2024. The transactions are subject to customary closing conditions, regulatory and stockholder approval. The amendment follows a reverse stock split effective January 16, 2024, and is part of the company's ongoing financing efforts.