secwatch.observer — SEC 8-K summary
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Issuer:     OLD MARKET CAPITAL Corp (OMCC)
CIK:        0001000045
Form:       8-K
Filed at:   2023-11-14T23:59:59+00:00
Accession:  0000950170-23-063620
Event type: m_and_a
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nicholas Financial to sell substantially all assets to Westlake for ~$65.6M; Q2 net loss widens
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- Nicholas Financial agreed to sell substantially all assets (Contracts and Receivables) to Westlake for ~$65.6M (~$9.00/book value); closing subject to shareholder approval.
- Q2 net loss widened to $10.5M from $3.2M YoY; diluted EPS -$1.44 vs -$0.44.
- Interest & fee income fell 48.3% to $6.3M; provision for credit losses rose 39.3% to $12.4M.
- Company ceased new originations; net charge-off rate soared to 58.2% from 12.4% YoY.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000045/000095017023063620/0000950170-23-063620-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000045/000095017023063620/nick-20231114.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-063620

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