Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
Fundamental Global Investors, LLC
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)
(Last)
(First)
(Middle)
108 GATEWAY BOULEVARD, SUITE 204
3. Date of Earliest Transaction (MM/DD/YY)
05/26/2020
(Street)
MOORESVILLE, NC28117
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_____ Form filed by One Reporting Person
__ X __ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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)
Code V Amount (A) or (D) Price
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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Fundamental Global Investors, LLC
108 GATEWAY BOULEVARD
SUITE 204
MOORESVILLE, NC28117
X X
Cerminara Kyle
C/O FUNDAMENTAL GLOBAL INVESTORS, LLC
108 GATEWAY BOULEVARD, SUITE 204
MOORESVILLE, NC28117
X X
Johnson Lewis M
C/O FUNDAMENTAL GLOBAL INVESTORS, LLC
108 GATEWAY BOULEVARD, SUITE 204
MOORESVILLE, NC28117
X
MOGLIA JOSEPH H
C/O FUNDAMENTAL GLOBAL INVESTORS, LLC
108 GATEWAY BOULEVARD, SUITE 204
MOORESVILLE, NC28117
X
Signatures
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
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.

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).

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