Fundamental Global GP, LLC - 16 Jun 2022 Form 4 Insider Report for FG Financial Group, Inc. (FGF)

Role: 10%+ Owner
Signature: FUNDAMENTAL GLOBAL GP, LLC /S/ D. KYLE CERMINARA, CHIEF EXECUTIVE OFFICER
Issuer symbol: FGF
Transactions as of: 16 Jun 2022
Net transactions value: +$2,999,998
Form type: 4
Filing time: 17 Jun 2022, 14:28:05 UTC
Previous filing: 16 Jun 2022
Next filing: 14 Sep 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FGF	COMMON STOCK, PAR VALUE $0.01 PER SHARE	Purchase	$999,999	+632,911	+45%	$1.58	2,049,985	16 Jun 2022	FUNDAMENTAL ACTIVIST FUND I, LP	F1, F4
transaction	FGF	COMMON STOCK, PAR VALUE $0.01 PER SHARE	Purchase	$1,999,999	+1,265,822	+77%	$1.58	2,904,231	16 Jun 2022	BALLANTYNE STRONG, INC.	F1, F4
holding	FGF	8.00% Cumulative Preferred Stock, Series A, $25.00 par value						8,973	16 Jun 2022	FUNDAMENTAL ACTIVIST FUND I, LP	F1, F2, F3, F4
holding	FGF	COMMON STOCK, PAR VALUE $0.01 PER SHARE						1,417,074	16 Jun 2022	FUNDAMENTAL ACTIVIST FUND I, LP	F1, F2, F4
holding	FGF	COMMON STOCK, PAR VALUE $0.01 PER SHARE						477,282	16 Jun 2022	FGI 1347 HOLDINGS, LP	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Reporting Persons beneficially own in the aggregate 5,431,498 shares of Common Stock, which represent approximately 58.5% of the Company's outstanding shares of Common Stock. Fundamental Global GP, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by Fundamental Activist Fund I, LP ("FAFI") and FGI 1347 Holdings, LP ("FGIH"). Mr. Cerminara holds 16,925 shares of Common Stock and restricted stock units representing the right to receive 29,716 shares of Common Stock upon vesting.
F2	The 628,875 shares of Common Stock and 8,973 shares of Preferred Stock, as previously reported by Fundamental Global Partners Master Fund, LP ("FGPM"), were transferred to FAFI. FGPM is in the process of being dissolved, and the transfer did not result in a change in beneficial ownership because both funds shared a common investment manager.
F3	The Reporting Persons beneficially own in the aggregate 8,973 shares of Preferred Stock. Fundamental Global GP, LLC may be deemed to be a beneficial owner of the shares of Preferred Stock that are directly owned by FAFI. In addition, Mr. Cerminara owns 44 shares of Preferred Stock in a joint account with his spouse.
F4	Due to their positions with Fundamental Global GP, LLC and affiliated entities, Messrs. Cerminara and Joseph H. Moglia may be deemed to be beneficial owners of the shares of Common Stock disclosed as directly owned by FAFI and FGIH and the shares of Preferred Stock disclosed as directly owned by FAFI. Each Reporting Person disclaims beneficial ownership of the shares referred to herein except to the extent of his or its pecuniary interest therein.