ENGLEWOOD CLIFFS, N.J., Sept. 25, 2020 (GLOBE NEWSWIRE) — Asta Funding, Inc. (NASDAQ: ASFI) (“Asta” or the “Company”) introduced that at a digital particular assembly of stockholders held earlier in the present day, the Company’s stockholders voted to undertake the merger settlement pursuant to which the Company would grow to be a wholly-owned subsidiary of Asta Finance Acquisition Inc. (the “Merger”). The transaction was beforehand introduced on April 8, 2020.
Approximately six million shares voted on the particular assembly had been voted in favor of the proposal to undertake the merger settlement, representing over 91% of the excellent shares of Asta’s frequent inventory entitled to vote on the particular assembly. Such approval additionally represented the approval of the Merger by an affirmative vote of nearly all of the minority stockholders, which incorporates stockholders aside from Gary Stern and members of the Stern Group. The Company will file the ultimate vote outcomes with the Securities and Exchange Commission (the “SEC”) on a Form 8-Ok.
Under the phrases of the merger settlement, Asta Funding Inc.’s stockholders will probably be entitled to obtain $13.10 per share in money upon completion of the merger, which stays topic to the satisfaction of customary closing situations.
The transaction is anticipated to shut in the course of the week of September 28, 2020. Upon closing of the transaction, Asta’s frequent inventory will stop buying and selling on the NASDAQ Global Select Market, and Asta will proceed to be operated as an impartial, privately-held firm and can stay based mostly in Englewood Cliffs, New Jersey.
Advisors
Lincoln International LLC is serving as monetary advisor to the Special Committee, Tannenbaum Helpern Syracuse & Hirschtritt LLP is serving as authorized counsel to the Special Committee, and Troutman Pepper Hamilton Sanders LLP is serving as authorized counsel to the Company.
Safe Harbor Statement
This press launch comprises forward-looking statements throughout the that means of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that time period is outlined within the Private Securities Litigation Reform Act of 1995, together with, however not restricted to, Asta’s expectations or predictions of future monetary or business efficiency or situations. Forward-looking statements are typically recognized by their use of the phrases and phrases comparable to “estimate,” “project,” “intend,” “forecast,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “will likely,” “should,” “could,” “would,” “may” or the destructive of such phrases and different comparable terminology. These forward-looking statements are topic to quite a few assumptions, dangers and uncertainties, which change over time, are troublesome to foretell and are usually past the management of Asta. Actual outcomes might differ materially from present projections.
Important elements which will trigger precise outcomes to vary materially from the outcomes mentioned within the forward-looking statements or historic expertise embrace dangers and uncertainties, together with however not restricted to, the power of the events to consummate the Merger; satisfaction of closing situations to the consummation of the Merger; the impression of the announcement or the closing of the Merger on the Asta’s relationships with its workers, current clients or potential future clients; litigation and stockholder claims associated to and in reference to the Merger; and the power to appreciate anticipated advantages of the Merger. Further info on the elements and dangers that would have an effect on Asta’s respective companies, monetary situations and outcomes of operations are contained in Asta’s filings with the SEC, which can be found at www.sec.gov. Forward-looking statements contained on this press launch communicate solely as of the date hereof. Asta assumes no obligation to replace any forward-looking assertion contained on this press launch.
About Asta
Asta Funding, Inc. (NASDAQ:ASFI), headquartered in Englewood Cliffs, New Jersey, is a diversified monetary companies firm that assists shoppers and serves traders by way of the strategic administration of three complementary business segments: client receivables, social safety incapacity advocacy and private damage claims. For extra info, please go to http://www.astafunding.com.
For extra info:
Seth Berman
General Counsel
(201) 308-9301
[email protected]
