The diversified holding company Ault Alliance Inc. (OTC:IMHC) could be in play owing to a major new announcement it made on Tuesday. Yesterday, the company provided an update with regards to the final distribution pertaining to the securities of TurnOnGreen Inc., which had previously been known as Imperalis Holding Corp.
The company announced that, as per the provisions of the initial distribution, the shareholders of Ault Alliance were awarded 40 shares of the TurnOnGreen common stock. In the second distribution, the shareholders of the company were awarded 15 shares of the TurnOnGreen common stock for each Ault Alliance share they owned on the record date.
In the first distribution, 58,610,760 units of securities were distributed, and in the second one, 56,404,515 TurnOnGreen securities were distributed. That brought the total of the securities that had been distributed to 115,015,275 and left the number of securities to be distributed in the final distribution to 24,984,725. Ault Alliance also revealed that it had set the record date for April 15, 2024, and the payment date for April 19, 2024, for the final distribution. However, the payment date could be adjusted.
On the basis of the number of shares of the Ault Alliance common stock that remained issued and outstanding on the record date, each shareholder in the company would receive around 0.83 TurnOnGreen securities for one share of the company’s common stock owned on the record date.
The company also announced yesterday that it would not issue fractional shares in the final distribution of the securities. If the holdings of any shareholder prove to be fractional, then that shareholder would be entitled to a cash payment for the fractional portion of the securities. However, the cash payment in question would also be subjected to the relevant federal and state United States income tax and state abandoned property laws.
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