Summary by Moomoo AI
On May 15, 2024, Ault Alliance, Inc., along with its subsidiaries, entered into an amendment to its existing Loan and Guaranty Agreement with Ault & Company, Inc. and other lenders. The amendment extends the deadline for Ault Alliance to maintain a specified minimum balance in a segregated account, which serves as a guarantee for the repayment of $38.9 million in secured promissory notes, from May 15, 2024, to July 22, 2024. Additionally, the required minimum balance in the account has been increased from $7 million to $7.4 million. This segregated account was established as part of the original Loan Agreement under which the company borrowed $36 million. The details of the amendment are fully described in Exhibit 10.1, which is incorporated by reference into the report filed with the SEC.