# EDGAR Filing Document

**Accession Number:** 0001624012
**File Stem:** 0001193125-23-034010
**Filing Date:** 2023-2
**Character Count:** 10723
**Document Hash:** 9b871cf85f764867d516c71f1e8e13b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-034010.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001193125-23-034010

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**GROUP MEMBERS**: SAND CAPITAL ASSOCIATES, LLC

**SUBJECT COMPANY**: 

**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:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-50163
- **FILM NUMBER:** 23614502

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sanda Par Olof
- **CENTRAL INDEX KEY:** 0001624012

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**MAIL ADDRESS:**
- **STREET 1:** 624 RIVIERA ISLE DRIVE
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANDA PAR
- **DATE OF NAME CHANGE:** 20141031

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**SCHEDULE 13G** 

**Under the Securities Exchange Act of 1934** 

**(Amendment No. 1)\*** 

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## FG GROUP HOLDINGS INC.
**(Name of Issuer)** 

**Common Stock** 

**(Title of Class of Securities)** 

**302462106** 

**(CUSIP Number)** 

**December 31, 2022** 

**(Date of Event Which Requires Filing of this Statement)** 

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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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CUSIP No. 302462106

1. Name of
Reporting Person Par Sanda

2. Check the Appropriate Box if a Member
of a Group (See Instructions) (a) ☐ (b) ☐

3. SEC Use Only

4. Citizenship or Place of
Organization United States of
America

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With | 5. | Sole Voting Power<br>214,273(1) |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With | 6. | Shared Voting Power<br>1,090,425(1)(2) |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With | 7. | Sole Dispositive Power<br>214,273(1) |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With | 8. | Shared Dispositive Power<br>1,090,425(1)(2) |

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,304,698(1)

10. Check if the Aggregate Amount in Row
(9) Excludes Certain Shares (See Instructions) ☐

11. Percent of Class Represented by Amount
in Row (9) 6.70%(3)

12. Type of Reporting Person (See
Instructions) IN

(1) Represent former shares of Common Stock of Ballantyne Strong, Inc. which became shares of the Issuer as a
result of the name change and reincorporation which took place on December 23, 2022.

(2) 1,090,425 shares of Common Stock of the Issuer held by Sand Capital Associates, LLC may be deemed to be
beneficially owned by Par Sanda.

(3) Based on 19,469,649 shares of the Issuer's Common Stock outstanding on December 6, 2022, as reported in
the Issuer's Current Report on Form 8-K filed on December 7, 2022.

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CUSIP No. 302462106

1. Name of
Reporting Person Sand Capital Associates, LLC

2. Check the Appropriate Box if a Member
of a Group (See Instructions) (a) ☐ (b) ☐

3. SEC Use Only

4. Citizenship or Place of
Organization State of
Florida

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With | 5. | Sole Voting Power<br>-0- |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With | 6. | Shared Voting Power<br>1,090,425(1)(2) |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With | 7. | Sole Dispositive Power<br>-0- |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With | 8. | Shared Dispositive Power<br>1,090,425(1)(2) |

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,090,425(2)

10. Check if the Aggregate Amount in Row
(9) Excludes Certain Shares (See Instructions) ☐

11. Percent of Class Represented by Amount
in Row (9) 5.60%(3)

12. Type of Reporting Person (See
Instructions) OO

(1) 1,090,425 shares of Common Stock of the Issuer held by Sand Capital Associates, LLC may be deemed to be
beneficially owned by Par Sanda.

(2) Represent former shares of Common Stock of Ballantyne Strong, Inc. which became shares of the Issuer as a
result of the name change and reincorporation which took place on December 23, 2022.

(3) Based on 19,469,649 shares of the Issuer's Common Stock outstanding on December 6, 2022, as reported in
the Issuer's Current Report on Form 8-K filed on December 7, 2022.

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**Item 1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name of Issuer

FG Group Holdings Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Address of Issuer's Principal Executive Offices:

4201 Congress Street, Suite 175 Charlotte, North Carolina 28209

**Item 2.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name of Person Filing

Par Sanda; Sand Capital Associates, LLC. (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Address of Principal Business Office or, if none, Residence

Par Sanda

501 N. Birch Rd, Unit 3

Fort Lauderdale, FL 33304

Sand Capital Associates, LLC

501 N. Birch Rd, Unit 3

Fort Lauderdale, FL 33304

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Citizenship

Par Sanda

United States of America

Sand Capital Associates, LLC

State of Florida, United States of America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Title of Class of Securities

Common Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) CUSIP Number

302462106

**Item 3.** **If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or (c), check whether the person filing is a:** <br>

Not Applicable.

**Item 4.** **Ownership** <br>

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount beneficially owned

See the responses to Item 9 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Percent of class:

See the responses to Item 11 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Number of shares as to which the person has

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(1) Neither the present filing nor anything contained herein shall be construed as an admission that the Reporting
Persons constitute a "group" for any purpose and each expressly disclaims membership in a group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sole power to vote or to direct the vote

See the responses to Item 5 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shared power to vote or to direct the vote

See the responses to Item 6 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Sole power to dispose or to direct the disposition of

See the responses to Item 7 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shared power to dispose or to direct the disposition of

See the responses to Item 8 on the attached cover pages.

**Item 5.** **Ownership of 5 Percent or Less of a Class** <br>

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☐.

**Item 6.** **Ownership of More than 5 Percent on Behalf of Another Person** <br>

Not Applicable.

**Item 7.** **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person** <br>

Not Applicable.

**Item 8.** **Identification and Classification of Members of the Group** <br>

Not Applicable.

**Item 9.** **Notice of Dissolution of Group** <br>

Not Applicable.

**Item 10.** **Certification** <br>

By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect

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**SIGNATURE** 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| |
|:---|
| Date: February 13, 2023 |
| **SAND CAPITAL ASSOCIATES, LLC** |
| /s/ Par Sanda |
| By: Par Sanda |
| Its: Authorized Member |
| **PAR SANDA, Individual** |
| /s/ Par Sanda |

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