Form 4 BALLANTYNE STRONG, INC. For: May 26 Filed by: Cerminara Kyle

May 28, 2021 2:03 PM EDT

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person ^*

Fundamental Global Investors, LLC

(Last)

(First)

(Middle)

108 GATEWAY BOULEVARD

SUITE 204

(Street)

MOORESVILLE

28117

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BALLANTYNE STRONG, INC. [ BTN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/26/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK, PAR VALUE $0.01 PER SHARE	05/26/2021		P		34,911 ⁽³⁾	A	$ 5.19	59,211 ⁽¹⁾ ⁽²⁾ ⁽⁴⁾	I	FUNDAMENTAL GLOBAL CAPITAL APPRECIATION FUND, LP
COMMON STOCK, PAR VALUE $0.01 PER SHARE	05/26/2021		S		34,911 ⁽³⁾	D	$ 5.19	0 ⁽¹⁾ ⁽²⁾ ⁽⁴⁾	I	FGI GLOBAL ASSET ALLOCATION FUND, LTD.
COMMON STOCK, PAR VALUE $0.01 PER SHARE								1,793,591 ⁽¹⁾ ⁽²⁾ ⁽⁴⁾	I	FUNDAMENTAL ACTIVIST FUND I, LP
COMMON STOCK, PAR VALUE $0.01 PER SHARE								853,619 ⁽¹⁾ ⁽²⁾ ⁽⁴⁾	I	FUNDAMENTAL GLOBAL HOLDINGS, LP
COMMON STOCK, PAR VALUE $0.01 PER SHARE								2,188,243 ⁽¹⁾ ⁽²⁾ ⁽⁴⁾	I	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
COMMON STOCK, PAR VALUE $0.01 PER SHARE								270,123 ⁽¹⁾ ⁽²⁾ ⁽⁴⁾	I	FGI GLOBAL ASSET ALLOCATION MASTER FUND, LP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The funds managed by Fundamental Global Investors, LLC beneficially own in the aggregate 5,164,787 shares of Common Stock, which represents approximately 28.2% of the Company's outstanding shares of Common Stock. Fundamental Global Investors, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by Fundamental Global Partners Master Fund, LP ("FGPM"), Fundamental Global Holdings, LP ("FGHP"), FGI Global Asset Allocation Fund, Ltd. ("FGAA"), FGI Global Asset Allocation Master Fund, LP ("FGGM"), Fundamental Activist Fund I, LP ("FAFI") and Fundamental Global Capital Appreciation Fund, LP ("FGCA").

2. Due to their positions with Fundamental Global Investors, LLC and affiliated entities, Messrs. D. Kyle Cerminara, Lewis M. Johnson and Joseph H. Moglia may be deemed to be beneficial owners of the shares of Common Stock disclosed as directly owned by FGPM, FGHP, FGAA, FGGM, FAFI and FGCA. Each Reporting Person disclaims beneficial ownership of the shares referred to herein except to the extent of his or its pecuniary interest therein.

3. Represents a cross-trade between FGAA and FGCA, in which FGAA disposed of and FGCA acquired the reported shares. Accordingly, there was no change in the aggregate beneficial ownership of the Reporting Persons.

4. Mr. Moglia holds 636,291 shares of Common Stock directly and through the Moglia Family Foundation and trusts. Messrs. Cerminara and Johnson also hold additional shares of Common Stock.

	FUNDAMENTAL GLOBAL INVESTORS, LLC/S/ D. KYLE CERMINARA, CHIEF EXECUTIVE OFFICER, PARTNER AND MANAGER	05/28/2021
	** Signature of Reporting Person	Date
	/S/ D. KYLE CERMINARA	05/28/2021
	** Signature of Reporting Person	Date
	/S/ LEWIS M. JOHNSON	05/28/2021
	** Signature of Reporting Person	Date
	/S/ JOSEPH H. MOGLIA	05/28/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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Form 4 BALLANTYNE STRONG, INC. For: May 26 Filed by: Cerminara Kyle

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