Ault Alliance Retains ShareIntel to Investigate Naked Short Selling Activity
July 28 2023 - 5:30AM
Business Wire
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”) announced
today that it has entered into a service agreement with Shareholder
Intelligence Services, LLC (“ShareIntel”) to assist the
Company to determine if there is illegal short selling activities
in its common stock. ShareIntel will utilize its patented process
called DRIL-Down™, a compliance driven service-as-a-software
program designed for public companies to track stockholder
ownership and monitor critical broker-dealer and stockholder
movement, to investigate and report on potential illegal naked
short selling activities of the Company’s stock. ShareIntel will
aggregate and analyze repository data from reporting entities,
broker-dealers and stockholders, enabling the Company to identify
parties to possible aberrant or unusual trading activity and assist
the Company to deploy corrective action steps to help curtail such
activity.
“Based on the trading pattern of the stock, we are concerned
that our company may have been the target of a market manipulation
scheme involving illegal short selling of our stock over the past
year, and we are committed to investigating and exposing any
wrongdoing,” said Milton “Todd” Ault, III, the Executive Chairman
of Ault Alliance. “By working with ShareIntel, we may find
potential reporting anomalies among market makers, banks,
broker-dealers and clearing firms, including efforts to
artificially depress our market stock price. Investigating and
attempting to remedy any wrongdoing would support our continuing
commitment to protect our investors and maximize stockholder value.
The Company believes such manipulation to be completely
unacceptable, as it distorts the value of the targeted companies
and negatively impacts the stockholders who have invested their
hard-earned money.”
David Wenger, President and Chief Executive Officer of
ShareIntel, stated, “We look forward to helping Ault Alliance
identify parties that may be engaging in abusive and illegal naked
short selling.”
For more information on Ault Alliance and its subsidiaries, Ault
Alliance recommends that stockholders, investors, and any other
interested parties read Ault Alliance’s public filings and press
releases available under the Investor Relations section at
www.ault.com or available at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, Ault
Alliance owns and operates a data center at which it mines Bitcoin
and colocation and offers hosting services for the emerging
artificial intelligence ecosystems and other industries, and
provides mission-critical products that support a diverse range of
industries, including metaverse platform, oil exploration, crane
services, defense/aerospace, industrial, automotive,
medical/biopharma, consumer electronics, hotel operations and
textiles. In addition, Ault Alliance extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
Ault Alliance’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the Company’s
website at www.ault.com.
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Ault Alliance Investor Contact: IR@ault.com or
1-888-753-2235
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