# EDGAR Filing Document

**Accession Number:** 0000946454
**File Stem:** 0001493152-23-001684
**Filing Date:** 2023-1
**Character Count:** 19967
**Document Hash:** c212b1f7029530994d3f142fa5147955
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-001684.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0001493152-23-001684

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230117

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FG Group Holdings Inc.
- **CENTRAL INDEX KEY:** 0000946454
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861]
- **IRS NUMBER:** 470587703
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13906
- **FILM NUMBER:** 23532538

**BUSINESS ADDRESS:**
- **STREET 1:** 4201 CONGRESS STREET
- **STREET 2:** SUITE 175
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28209
- **BUSINESS PHONE:** (704) 994-8279

**MAIL ADDRESS:**
- **STREET 1:** 4201 CONGRESS STREET
- **STREET 2:** SUITE 175
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BALLANTYNE STRONG, INC.
- **DATE OF NAME CHANGE:** 20090611

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BALLANTYNE OF OMAHA INC
- **DATE OF NAME CHANGE:** 19950608

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**January 17, 2023**

Date of Report (Date of earliest event reported)

**FG GROUP HOLDINGS INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **1-13906** | **47-0587703** |
| (State or other jurisdiction of | (Commission | (IRS Employer |
| incorporation or organization) | File No.) | Identification Number) |

---

---

| | |
|:---|:---|
| **5960 Fairview Road, Suite 275** |  |
| **Charlotte, North Carolina** | **28210** |
| (Address of principal executive offices) | (Zip Code) |

---

**(704) 994-8279** 

(Registrant's telephone number including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of Each Class** | **Name of Each Exchange on Which Registered** |
| Common Shares, $0.01 par value FGH | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

This Current Report on Form 8-K is filed by FG Group Holdings Inc., a Nevada corporation ("FGH"), to disclose certain information pursuant to Regulation FD (for "Fair Disclosure"), promulgated by the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

By way of background, FGH has previously publicly announced its intention to pursue an initial public offering by its Strong Entertainment operating segment through the offering of securities of FGH's subsidiary, Strong Global Entertainment, Inc., a company incorporated under the Business Corporations Act (British Columbia) ("SGE"). On April 7, 2022, SGE filed a registration statement on Form S-1 (together with amendments thereto, the "Registration Statement") to register the issuance and sale by SGE of its common shares in an initial public offering (the "Offering") pursuant to a firm-commitment underwriting. SGE has since filed amendments to the Registration Statement, most recently on January 17, 2023.

Because of the existing parent/subsidiary relationship between FGH and SGE, the Registration Statement, as amended, includes, as required by SEC rules, certain information about FGH, including compensation information for FGH's named executive officers for the fiscal year ended December 31, 2022 pursuant to Item 402 of Regulation S-K. FGH is filing this Form 8-K to make such information available to FGH shareholders prior to the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the "FGH 10-K") on or before the due date of March 31, 2023.

Regulation FD prohibits companies from selectively disclosing material nonpublic information to analysts, institutional investors, and others without concurrently making widespread public disclosure. Under Regulation FD, whenever a public company, or any person acting on its behalf, discloses material nonpublic information to certain enumerated persons, the company must disclose that information to the public. Accordingly, because the information relating to FGH that will be included in the Registration Statement has not been publicly disclosed by FGH in its public filings as of the date of this Current Report, FGH is furnishing the excerpts from the SGE Registration Statement included in Exhibit 99.1 to comply with the disclosure requirements of Regulation FD. SGE is referred to in Exhibit 99.1 as "we," "us," "our," or the "Company." FGH is referred to in Exhibit 99.1 as "FG Group Holdings."

FGH's management would caution readers of Exhibit 99.1 that the information provided in the Registration Statement that relates to FGH may not be in the same context as such information will be presented in the FGH 10-K and subsequent filings. Accordingly, FGH's management would caution readers that the information is being disclosed solely for Regulation FD purposes and that there may be some information disclosed herein that does not materially relate to FGH, and should therefore be read in the context within which it is being provided, as well as to refer to the FGH 10-K and FGH's subsequent filings when they are filed to see the information in context.

FGH's management also notes that the Registration Statement includes as exhibits thereto certain forms of agreements that management anticipates will be entered into as part of the separation of SGE from FGH, and that will govern the continuing relationship between FGH and SGE. FGH will file any such agreements to which it is a party as required by the Exchange Act and the requirements thereunder, including with respect to the required timing for such filings.

**Forward-looking Statements** 

This Current Report on Form 8-K, together with the exhibit thereto, contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. In addition, forward-looking statements may be made in press releases, orally, at conferences, on FGH's website, or otherwise, by or on behalf of FGH. Statements that are not historical are forward-looking and reflect expectations for the future performance of FGH. These statements often use words such as "anticipates," "targets," "expects," "hopes," "estimates," "intends," "plans," "goal," "believes," "continue" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." These statements involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond FGH's control. For these statements, FGH claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

You should not place undue reliance on any forward-looking statement and should consider the risks and uncertainties more fully discussed elsewhere in FGH's public filings, including under Item 1A. Risk Factors of the FGH 10-K and in any of FGH's subsequent SEC filings for further information about factors that could affect such forward-looking statements.

The information in this Item 7.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

**(d)** **Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description** |
| 99.1 | [Regulation FD Disclosure – Excerpts from SGE Registration Statement](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | FG GROUP HOLDINGS INC. | FG GROUP HOLDINGS INC. |
| Date: January 17, 2023 | By: | */s/ Todd R. Major* |
|  |  | Todd R. Major |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**EXECUTIVE AND DIRECTOR COMPENSATION**

We are a newly formed company, and as discussed in more detail elsewhere, prior to the Separation, FG Group Holdings, our ultimate parent and majority shareholder, has operated the Entertainment Business. Our compensation committee is expected to begin meeting before the completion of the Separation, including to review and approve the employment agreements of our executive officers. As a result, we have set forth below the compensation of those individuals who are expected to be designated as our executive officers. In compliance with SEC rules, the information included in this section is historical, as applicable.

For purposes of the following compensation discussion and analysis, and the tabular executive compensation disclosures that follow, the individuals listed below are referred to collectively as the "Named Executive Officers" or ("NEOs"). These include:

● Mark D. Roberson, Chief Executive Officer;

● Todd R. Major, Chief Financial Officer, Secretary and Treasurer; and

● Ray F. Boegner, President upon consummation of this offering.

**Executive Compensation Tables**

The following table sets forth information regarding all forms of compensation earned by the NEOs during the last two fiscal years as employees of FG Group Holdings. Messrs. Roberson, Major and Boegner were employed by FG Group Holdings during all of fiscal 2022 and 2021. Mr. Roberson served as Chief Financial Officer of FG Group Holdings from November 16, 2018 to April 13, 2020, and was appointed as FG Group Holdings' Chief Executive Officer on April 13, 2020. Mr. Major served as Senior Vice President, Finance from April 8, 2019 to April 13, 2020, and was appointed as FG Group Holdings' Chief Financial Officer on April 13, 2020.

The Compensation Committee of the Company intends to approve new employment and compensatory arrangements between the Company and its executives that will be effective at the completion of the offering (refer to the Employment Agreements section below). Accordingly, the amounts reflected below as historical compensation for FG Group Holdings are presented for historical reference only and may not be indicative of the level of compensation for the Company in the future.

**2022 and 2021 Summary Compensation Table**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary ($)** | **Bonus ($)<sup>(3)</sup>** | **Stock Awards ($)<sup>(4)</sup>** | **Option Awards ($)<sup>(4)</sup>** | **Non-Equity Incentive Plan Compensation ($)** | **All Other Compensation ($)<sup>(5)</sup>** | **Total ($)** |
| Mark D. Roberson <sup>(1)</sup> | 2022 | 295000 |  | – |  | – | 9210 | 304210 |
| *CEO* | 2021 | 265577 | 262500 | – |  | – | 9821 | 537898 |
| Todd R. Major <sup>(2)</sup> | 2022 | 230000 |  | – |  | – | 8816 | 238816 |
| *CFO* | 2021 | 210385 | 112500 | – |  | – | 8227 | 331112 |
| Ray F. Boegner<br> *FG Group Holdings' President of* | 2022 | 275000 |  | – |  | – | 9913 | 284913 |
| *Strong Entertainment* | 2021 | 275000 |  | – |  | – | 9913 | 284913 |

---

(1) Mr. Roberson served as
 FG Group Holdings' Executive Vice President and Chief Financial Officer from November 16, 2018, to April 13, 2020, and was
 appointed as FG Group Holdings' Chief Executive Officer effective April 13, 2020.

(2) Mr. Major served as FG
 Group Holdings' Senior Vice President, Finance from April 8, 2019, to April 13, 2020, and was appointed as FG Group Holdings'
 Chief Financial Officer effective April 13, 2020.

(3) In March 2021, FG Group
 Holdings' Compensation Committee approved the payment of transaction-related bonuses to Messrs. Roberson and Major for extra
 time and effort given by such employees in connection with the successful completion of the sale of a portion of FG Group Holdings'
 operating business unrelated to the Entertainment Business.

(4) The amounts in these columns
 represent the aggregate grant date fair value calculated in accordance with the Financial Accounting Standards Board Accounting Standards
 Codification Topic 718. For additional information relating to the assumptions made in valuing and expensing these awards refer to
 Note 13 in FG Group Holdings' December 31, 2021 consolidated financial statements included in FG Group Holdings' 2021
 Annual Report on Form 10-K, as filed with the SEC.

(5) FG Group Holdings provides
 its executives with certain employee benefits. These benefits include excess life and disability insurance and contributions made
 by FG Group Holdings under the 401(k) Plan. The amounts reported for each NEO as All Other Compensation for 2022 are identified and
 quantified below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Mr. Roberson** | **Mr. Major** | **Mr. Boegner** |
| Employer match on 401(k) Plan | $7294 | $6900 | $8250 |
| Excess life and disability insurance | 1916 | 1916 | 1663 |
| Total All Other Compensation | $9210 | $8816 | $9913 |

---

The following table sets forth information concerning outstanding equity awards of FG Group Holdings for each of the NEOs as of the end of the fiscal year ended December 31, 2022.

The Compensation Committee of the Company will approve the grant of new equity grants by the Company to be awarded to its executives effective at the closing of this offering. Accordingly, the amounts reflected below for FG Group Holdings are presented for historical reference only and are not indicative of the level of equity awards for the Company in the future.

**Outstanding Equity Awards at 2022 Fiscal Year-End**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
| <br>**Name** | **Number of Securities Underlying Unexercised Options (#) Exercisable** | **Number of Securities Underlying Unexercised Options (#) Unexercisable** | **Option Exercise Price ($)** | **Option Expiration Date** | **Number of Shares or Units of Stock That Have Not Vested (#)** | **Market Value of Shares or Units of Stock That Have Not Vested ($)(\*)** |
| Mark D. Roberson | 32000 | 8000<sup>(1)</sup> | 2.25 | 12/4/2028 |  |  |
|  | 18000 | 12000<sup>(2)</sup> | 2.89 | 6/6/2029 |  |  |
|  | 8000 | 12000<sup>(3)</sup> | 1.60 | 10/9/2030 |  |  |
|  |  |  |  |  | 26667<sup>(8)</sup> | 69868 |
| Todd R. Major | 4000 | 6000<sup>(3)</sup> | 1.60 | 10/9/2030 |  |  |
|  |  |  |  |  | 6667<sup>(8)</sup> | 17468 |
| Ray F. Boegner | 5000 | —<sup>(5)</sup> | 4.70 | 1/11/2022 |  |  |
|  | 32000 | —<sup>(6)</sup> | 4.33 | 11/22/2025 |  |  |
|  | 40000 | —<sup>(7)</sup> | 6.50 | 2/28/2027 |  |  |
|  | 40000 | 10000<sup>(4)</sup> | 4.70 | 1/26/2028 |  |  |
|  | 12000 | 8000<sup>(2)</sup> | 2.89 | 6/6/2029 |  |  |
|  | 6000 | 9000<sup>(3)</sup> | 1.60 | 10/9/2030 |  |  |
|  |  |  |  |  | 10000<sup>(8)</sup> | 26200 |

---

\* Based on the closing stock price of FG Group Holdings' common stock of $2.62 on December 31, 2022, the last trading day of the 2022 fiscal year.

(1) The 40,000 stock options
 granted to Mr. Roberson on December 4, 2018, pursuant to FG Group Holdings' 2017 Omnibus Equity Compensation Plan become exercisable
 in five equal annual installments beginning on December 4, 2019, and thereafter on December 4 of each year through 2023.

(2) The 30,000 and 20,000 stock
 options granted to Messrs. Roberson and Boegner, respectively, on June 6, 2019, pursuant to FG Group Holdings' 2017 Omnibus
 Equity Compensation Plan become exercisable in five equal annual installments beginning on June 6, 2020, and thereafter on June 6
 of each year through 2024.

(3) The 20,000, 10,000 and
 15,000 stock options granted to Messrs. Roberson, Major and Boegner, respectively, on October 9, 2020, pursuant to FG Group Holdings'
 2017 Omnibus Equity Compensation Plan become exercisable in five equal annual installments beginning on October 9, 2021, and thereafter
 on October 9 of each year through 2025.

(4) The 50,000 stock options
 granted to Mr. Boegner on January 26, 2018, pursuant to FG Group Holdings' 2017 Omnibus Equity Compensation Plan become exercisable
 in five equal annual installments beginning on January 26, 2019, and thereafter on January 26 of each year through 2023.

(5) The 30,000 stock options
 granted to Mr. Boegner on January 11, 2012, pursuant to FG Group Holdings' 2010 Long-Term Incentive Plan became exercisable
 in four equal installments beginning on January 11, 2013, and thereafter on January 11 of each year through 2016. On both August
 11, 2016, and August 30, 2016, Mr. Boegner exercised options from this grant to acquire 5,000 shares of FG Group Holdings'
 common stock. On June 8, 2017, Mr. Boegner exercised options from this grant to acquire 7,000 shares of FG Group Holdings'
 common stock. On August 10, 2017, Mr. Boegner exercised options from this grant to acquire 8,000 shares of FG Group Holdings'
 common stock.

(6) The 40,000 stock options
 granted to Mr. Boegner on November 22, 2015, pursuant to FG Group Holdings' 2010 Long-Term Incentive Plan became exercisable
 in five equal annual installments beginning on November 22, 2016, and thereafter on November 22 of each year through 2020. On November
 23, 2016, Mr. Boegner exercised options from this grant to acquire 8,000 shares of FG Group Holdings' common stock at an exercise
 price of $4.33 per share.

(7) The 40,000 stock options
 granted to Mr. Boegner on February 28, 2017, pursuant to FG Group Holdings' 2010 Long-Term Incentive Plan became exercisable
 in five equal annual installments beginning on February 28, 2018, and thereafter on February 28 of each year through 2022.

(8) Represents RSUs to be settled
 in shares of FG Group Holdings' common stock on a one-for-one basis as soon as practicable following the applicable vesting
 date. The RSUs vest on October 9, 2023.