Ault Alliance Announces Results of Special Meeting of Stockholders

Ault Alliance, Inc. (“Ault Alliance” or the “Company”) (NYSE American: AULT), announced the voting results from the special meeting of stockholders (the “Meeting”) held yesterday, May 15, 2023. At the Meeting, the stockholders voted on two proposals, each of which is described in more detail in the Company’s definitive proxy statement previously filed with the U.S. Securities and Exchange Commission.

At the Meeting, stockholders voted on and approved Proposal 1, approval of an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the common stock (the “Common Stock”) by a ratio of not less than one-for-ten and not more than one-for-three hundred at any time prior to May 14, 2024, with the exact ratio to be set at a whole number within this range as determined by the Company’s board of directors (the “Board”) in its sole discretion.

At the Meeting, stockholders voted upon and did not approve proposal 2, approval of the amendment to the Company’s Certificate of Incorporation to increase the authorized shares of Common Stock from 500,000,000 to 1,000,000,000. There were no other transactions of other business brought before the Meeting or any further adjournments or postponements thereof.

After the Meeting, the Board approved a one-for-three hundred reverse stock split of the Common Stock that will be effective in the State of Delaware on May 17, 2023. Beginning with the opening of trading on May 18, 2023, the Company’s Common Stock will trade on the NYSE American on a split-adjusted basis under a new CUSIP number, 09175M 408.

The reverse stock split affects all issued and outstanding shares of the Company’s Common Stock, as well as the number of shares of Common Stock available for issuance under the Company’s equity incentive plans. In addition, the reverse stock split reduces the number of shares of Common Stock issuable upon the exercise of stock options or warrants outstanding immediately prior to the reverse split. The par value of the Company’s Common Stock will remain unchanged at $0.001 per share after the reverse stock split. The reverse stock split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split results in some stockholders owning a fractional share. No fractional shares will be issued in connection with the reverse split. Stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment.