Ault Alliance Announces a Final Distribution of TOG Securities Valued at $0.0141 for Each Share of Ault Alliance Common Stock

Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company, (“Ault Alliance” or the “Company”), hereby announces an update on its final distribution (the “Final Distribution”) related to securities of TurnOnGreen, Inc., formerly Imperalis Holding Corp. (OTC: IMHC) (“TurnOnGreen”). In the initial distribution, Ault Alliance stockholders received forty (40) shares of TurnOnGreen common stock and warrants to purchase forty (40) shares of TurnOnGreen common stock (the “TOG Securities”) and in the second distribution, stockholders of the Company received fifteen (15) TOG Securities for each share of common stock of the Company that they owned on the record date.

The Company distributed 58,610,760 TOG Securities in the initial distribution and another 56,404,515 TOG Securities in the second distribution, for an aggregate of 115,015,275 TOG Securities distributed, leaving another 24,984,725 TOG Securities to be distributed in the Final Distribution.

The Company has set a record date of April 15, 2024 (the “Record Date”) and a payment date of April 29, 2024 (the “Payment Date”) for the Final Distribution, with the Payment Date being subject to adjustment.

Based on the number of shares of common stock of the Company (the “AAI Common Stock”) issued and outstanding on the Record Date, each stockholder of the Company will receive approximately 0.83 TOG Securities for each share of AAI Common Stock owned on the Record Date.

Based on the closing prices of TurnOnGreen common stock and warrants of $0.0155 and $0.0015, respectively, as of the close of business on Monday, April 15, 2024, the market value of the 0.83 shares of TurnOnGreen common stock and warrants to purchase 0.83 shares of TurnOnGreen common stock would result in a dividend of approximately $0.0141 per share of AAI Common Stock.

The Company will not issue fractional shares in connection with the Final Distribution. Stockholders who would otherwise hold fractional shares because the number of shares of AAI Common Stock they hold before the Final Distribution is not evenly divisible by the ratio will be entitled to receive a cash payment (without interest and subject to applicable withholding taxes) from our exchange agent handling the Final Distribution (the “Distribution Agent”) in lieu of such fractional shares. The cash payment is subject to applicable U.S. federal and state income tax and state abandoned property laws. Stockholders will not be entitled to receive interest for the period of time between the Record Date and the Payment Date.