Ault Alliance (NYSE:AULT) will sell centrally located, multifamily property in St. Petersburg, Florida, previously acquired through its subsidiary, Ault Global Real Estate Equities in 2021 for $15.5M.
The company intends to take advantage of the growing demand and market interest.
Milton “Todd” Ault, III, the company’s Founder and executive chairman, stated, “Our strategic decision to seek a sale of this property stems from recognizing the impressive market interest and value the property holds. This is a compelling opportunity to generate a profit from this property, from which the Company will repay and reduce outstanding debt. Such a sale would bolster the Company’s balance sheet and support our commitment towards improving profitability and cashflow for the remainder of 2023. We are confident this decision aligns with the best interests of the Company and its stockholders.”
The stock price is down 1.3% during pre-market hours on Thursday.
