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 Investors, LLC (Last) (First) (Middle) 4201 CONGRESS STREET, SUITE 140 (Street) CHARLOTTE NC 28209 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol 1347 Property Insurance Holdings, Inc. [ PIH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 04/16/2020
	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
Common Stock, $0.001 par value	04/16/2020		P		50,000(6)	A	$4.75	500,656(1)(2)(5)	I	Fundamental Global Partners Master Fund, LP
Common Stock, $0.001 par value	04/16/2020		P		50,000(6)	A	$4.75	788,187(1)(2)(5)	I	Fundamental Activist Fund I, LP
Common Stock, $0.001 par value	04/16/2020		P		32,000	A	$4.75	532,656(1)(2)(5)	I	Fundamental Global Partners Master Fund, LP
Common Stock, $0.001 par value	04/16/2020		P		15,012	A	$4.7499(8)	547,668(1)(2)(5)	I	Fundamental Global Partners Master Fund, LP
Common Stock, $0.001 par value	04/16/2020		P		12	A	$4.7499(8)	788,199(1)(2)(5)	I	Fundamental Activist Fund I, LP
Common Stock, $0.001 par value								477,282(1)(2)(3)(5)	I	FGI 1347 Holdings, LP
Common Stock, $0.001 par value								5,296(1)(2)(5)	I	FGI Global Asset Allocation Fund, Ltd.
Common Stock, $0.001 par value								4,532(1)(2)(5)	I	FGI Global Asset Allocation Master Fund, LP
Common Stock, $0.001 par value								1,038,409(1)(2)(5)	I	Ballantyne Strong, Inc.
8.00% Cumulative Preferred Stock, Series A, $25.00 par value								34,620(4)(5)	I	Fundamental Global Partners Master Fund, LP

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		P		50,000(7)		04/16/2020	04/16/2022	Common Stock	50,000	$1	50,000(7)	I	Fundamental Global Partners Master Fund, LP
Call Option (Right to Buy)	$6	04/16/2020		P		50,000(7)		04/16/2020	04/16/2022	Common Stock	50,000	$1	50,000(7)	I	Fundamental Activist Fund I, LP

1. Name and Address of Reporting Person* Fundamental Global Investors, LLC (Last) (First) (Middle) 4201 CONGRESS STREET, SUITE 140 (Street) CHARLOTTE NC 28209 (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* 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)

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 INVESTORS, LLC 4201 CONGRESS STREET, SUITE 140 (Street) CHARLOTTE NC 28209 (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* Johnson Lewis M (Last) (First) (Middle) C/O FUNDAMENTAL GLOBAL INVESTORS, LLC 4201 CONGRESS STREET, SUITE 140 (Street) CHARLOTTE NC 28209 (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 INVESTORS, LLC 4201 CONGRESS STREET, SUITE 140 (Street) CHARLOTTE NC 28209 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Group Member

Explanation of Responses:

1. The Reporting Persons beneficially own in the aggregate 2,961,386 shares of Common Stock (including 100,000 shares that may be acquired pursuant to a call option), which represent approximately 48.8% of the Company's outstanding shares of Common Stock. Fundamental Global Investors, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by Fundamental Global Partners Master Fund, LP ("FGPM"), FGI Global Asset Allocation Fund, Ltd. ("FGAA"), FGI Global Asset Allocation Master Fund, LP ("FGGM"), Fundamental Activist Fund I, LP ("FAFI"), FGI 1347 Holdings, LP ("FGIH") and Ballantyne Strong, Inc. ("BTN").

2. In addition, CWA, of which 50% is owned by Fundamental Global Investors, LLC, holds 69,710 shares of Common Stock for the accounts of individual investors (excluding shares held in CWA accounts for other Reporting Persons, which are separately reported on this form), which represent approximately 1.1% of the Company's outstanding shares of Common Stock. Messrs. Cerminara and Johnson also each hold 7,141 shares of Common Stock and restricted stock units representing the right to receive 16,294 shares of Common Stock upon vesting. In addition, Mr. Moglia holds 16,216 shares of Common Stock through trusts.

3. BK Technologies Corporation ("BKTI") is the sole limited partner of FGIH. Mr. Cerminara is Chairman of the Board of Directors of BKTI and Mr. Johnson is Co-Chairman of the Board of Directors of BKTI.

4. The Reporting Persons beneficially own in the aggregate 34,620 shares of Preferred Stock, which represent approximately 4.9% of the outstanding shares of Preferred Stock. Fundamental Global Investors, LLC may be deemed to be a beneficial owner of the shares of Preferred Stock that are directly owned by FGPM. In addition, for the accounts of individual investors, CWA, of which 50% is owned by Fundamental Global Investors, LLC, also holds 53,665 shares of Preferred Stock, including 44 shares of Preferred Stock held by Mr. Cerminara in a joint account with his spouse.

5. Due to their positions with Fundamental Global Investors, LLC and affiliated entities, Messrs. Cerminara, Lewis M. Johnson and Joseph H. Moglia may be deemed to be beneficial owners of the shares of Common Stock disclosed as directly owned by FGPM, FGAA, FGGM, FAFI and FGIH and the shares of Preferred Stock disclosed as directly owned by FGPM. Due to their positions with BTN, Fundamental Global Investors, LLC and affiliated entities, Messrs. Cerminara and Johnson may be deemed to be beneficial owners 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 shares of Common Stock acquired by Fundamental Global Investors, LLC, on behalf of the funds managed by it, from Fund Management Group LLC ("FMG"), in a privately negotiated transaction, pursuant to a Purchase Agreement, dated as of April 16, 2020, between FMG and Fundamental Global Investors, LLC (the "Purchase Agreement"). The aggregate purchase price for the 100,000 total shares acquired pursuant to the Purchase Agreement was $475,000.

7. Represents a call option to purchase shares of Common Stock, for a purchase price of $6.00 per share, acquired by Fundamental Global Investors, LLC, on behalf of the funds managed by it, from FMG pursuant to the Purchase Agreement. The shares subject to the call option may be acquired at any time during the two-year period beginning on the date of the Purchase Agreement, ending at 5:00 p.m. Eastern time on April 16, 2022.The aggregate purchase price for the call option acquired pursuant to the Purchase Agreement was $100,000.

8. The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.70 and $4.75 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price.

	FUNDAMENTAL GLOBAL INVESTORS, LLC /s/ D. Kyle Cerminara, Chief Executive Officer, Partner and Manager	04/16/2020
	BALLANTYNE STRONG, INC. /s/ Mark D. Roberson, Chief Executive Officer	04/16/2020
	BK TECHNOLOGIES CORPORATION /s/ William P. Kelly, Executive Vice President and Chief Financial Officer	04/16/2020
	/s/ D. Kyle Cerminara	04/16/2020
	/s/ Lewis M. Johnson	04/16/2020
	/s/ Joseph H. Moglia	04/16/2020
	** Signature of Reporting Person	Date
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