SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Fundamental Global GP, LLC (Last) (First) (Middle) 108 GATEWAY BLVD., SUITE 204 (Street) MOORESVILLE NC 28117 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol FG Financial Group, Inc. [ FGF ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 09/14/2021
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
8.00% Cumulative Preferred Stock, Series A, $25.00 par value	09/14/2021		S		621	D	$25.18	33,999(4)(5)	I	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
8.00% Cumulative Preferred Stock, Series A, $25.00 par value	09/15/2021		S		11,321	D	$25.01	22,678(4)(5)	I	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
COMMON STOCK, PAR VALUE $0.01 PER SHARE								788,199(1)(2)(5)	I	FUNDAMENTAL ACTIVIST FUND I, LP
COMMON STOCK, PAR VALUE $0.01 PER SHARE								628,875(1)(2)(5)	I	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
COMMON STOCK, PAR VALUE $0.01 PER SHARE								477,282(1)(2)(3)(5)	I	FGI 1347 HOLDINGS, LP
COMMON STOCK, PAR VALUE $0.01 PER SHARE								1,038,409(1)(2)(5)	I	BALLANTYNE STRONG, INC.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
CALL OPTION (RIGHT TO BUY)	$6							04/16/2020	04/16/2022	COMMON STOCK	50,000		50,000(6)	I	FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP
CALL OPTION (RIGHT TO BUY)	$6							04/16/2020	04/16/2022	COMMON STOCK	50,000		50,000(6)	I	FUNDAMENTAL ACTIVIST FUND I, LP

1. Name and Address of Reporting Person* Fundamental Global GP, LLC (Last) (First) (Middle) 108 GATEWAY BLVD., SUITE 204 (Street) MOORESVILLE NC 28117 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BK Technologies Corp (Last) (First) (Middle) 7100 TECHNOLOGY DRIVE (Street) WEST MELBOURNE FL 32904 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Cerminara Kyle (Last) (First) (Middle) C/O FUNDAMENTAL GLOBAL GP, LLC 108 GATEWAY BOULEVARD, SUITE 204 (Street) MOORESVILLE NC 28117 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* MOGLIA JOSEPH H (Last) (First) (Middle) C/O FUNDAMENTAL GLOBAL GP, LLC 108 GATEWAY BOULEVARD, SUITE 204 (Street) MOORESVILLE NC 28117 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BALLANTYNE STRONG, INC. (Last) (First) (Middle) 4201 CONGRESS STREET SUITE 175 (Street) CHARLOTTE NC 28209 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The Reporting Persons beneficially own in the aggregate 3,032,765 shares of Common Stock (including 100,000 shares that may be acquired pursuant to a call option), which represent approximately 60.5% of the Company's outstanding shares of Common Stock. On August 1, 2021, the investment management agreements for Fundamental Global Partners Master Fund, LP ("FGPM"), Fundamental Activist Fund I, LP ("FAFI") and FGI 1347 Holdings, LP ("FGIH") were assigned to Fundamental Global GP, LLC. The investment management agreements for FGI Global Asset Allocation Master Fund, LP ("FGGM") and Fundamental Global Capital Appreciation Fund, LP ("FGCA") were assigned to CW Institutional, LLC and EverStar Asset Management, LLC, respectively, and no Reporting Person has management authority over the 4,532 and 8,296 shares of the Company's Common Stock that were previously reported by FGGM and FGCA, respectively, or the 590 shares of the Company's Preferred Stock previously reported by FGCA.

2. (Continued from footnote 1) Fundamental Global GP, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by FGPM. FAFI, FGIH and Ballantyne Strong, Inc. ("BTN"). Mr. Cerminara holds 15,592 shares of Common Stock and restricted stock units representing the right to receive 16,557 shares of Common Stock upon vesting.

3. BK Technologies Corporation ("BKTI") is the sole limited partner of FGIH. Mr. Cerminara is Member of the Board of Directors of BKTI.

4. The Reporting Persons beneficially own in the aggregate 22,678 shares of Preferred Stock, which represent approximately 2.5% of the outstanding 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 FGPM. In addition, Mr. Cerminara owns 44 shares of Preferred Stock in a joint account with his spouse.

5. 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 FGPM, FAFI and FGIH and the shares of Preferred Stock disclosed as directly owned by FGPM. Due to his positions with BTN, Fundamental Global GP, LLC and affiliated entities, Mr. Cerminara may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by BTN. Each Reporting Person disclaims beneficial ownership of the shares referred to herein except to the extent of his or its pecuniary interest therein.

6. Represents a call option to purchase shares of Common Stock, for a purchase price of $6.00 per share. The shares subject to the call option may be acquired at any time during the two-year period beginning on April 16, 2020, ending at 5:00 p.m. Eastern time on April 16, 2022.

Remarks:

	FUNDAMENTAL GLOBAL GP, LLC /S/ D. KYLE CERMINARA, CHIEF EXECUTIVE OFFICER	09/16/2021
	BALLANTYNE STRONG, INC. /S/ MARK D. ROBERSON, CHIEF EXECUTIVE OFFICER	09/16/2021
	BK TECHNOLOGIES CORPORATION /S/ WILLIAM P. KELLY, EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER	09/16/2021
	/S/ D. KYLE CERMINARA	09/16/2021
	/S/ JOSEPH H. MOGLIA	09/16/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.