BTN - Ballantyne Strong rallies on sale of Convergent Media Systems

Ballantyne Strong (BTN) rallied 32.8% during premarket trade after completing the sale of its wholly-owned subsidiary Convergent Media Systems for a total enterprise value of ~$23.2M."Convergent represents a successful turn-round, transitioning a business that was generating significant losses to a profitable operation and a marketable asset. After monetizing the value created at Convergent, the Company will be better positioned to expand its other operating businesses and strategic investment portfolio," CEO Mark Roberson commented.With the transaction, the company expects to recognize an income statement gain of ~$15M or $1.00/share in 1Q21.

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Ballantyne Strong rallies on sale of Convergent Media Systems