Ault Alliance Inc (NASDAQ:AULT) shares are trading higher by 20% to $0.29 during Friday's session after the company announced that it received an investment of $44 million to date from Ault & Company under the November 2023 Securities Purchase Agreement.

What Happened?

Ault Alliance announced that its affiliate, Ault & Company, has invested $44.0 million according to a Securities Purchase Agreement. Ault & Company has acquired 44,000 shares of Series C convertible preferred stock and warrants to purchase around 13.0 million shares of the Company. They have the option to invest up to $75.0 million in multiple rounds.

CEO and executive chairman Milton "Todd" Ault, III expressed confidence in the company's growth and future prospects, citing an increase in annual revenue from $8 million in 2017 to a projected $200 million this fiscal year. He highlighted the focus on core businesses such as Sentinum data centers and Circle 8 crane rentals, emphasizing the growth potential in the artificial intelligence data center space.

According to data from Benzinga Pro, AULT has a 52-week high of $883.26 and a 52-week low of $0.22.