Ballantyne Strong (BTN) to Pursue an IPO of its Strong Entertainment Business Segment
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Ballantyne Strong, Inc. (NYSE American: BTN) (“Ballantyne Strong” or the “Company”), today announced that its Board of Directors has approved the pursuit of an initial public offering (IPO) of its Strong Entertainment business segment (“Strong Entertainment”) through the offering of securities of Ballantyne Strong’s newly-created, wholly-owned subsidiary, Strong Entertainment, Inc. For financial reporting purposes, Ballantyne Strong will continue to consolidate Strong Entertainment in its financial results.
The proposed offering is expected to occur in 2021, subject to satisfactory market and other conditions. The timing, class, and number of securities to be offered and their price have not yet been determined. Ballantyne Strong intends to remain the majority stockholder of the subsidiary post-offering. A registration statement relating to the securities to be sold in the proposed initial public offering is expected to be filed with the Securities and Exchange Commission, but has not been filed or become effective.
This announcement is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended (the “Securities Act”). This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.
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