Nicholas Financial to sell nearly all assets to Westlake for ~$65.6M ($9.00/book share)

OLD MARKET CAPITAL Corp

Purchase price ~$65.6M for motor vehicle retail installment contracts and unsecured consumer loans; price subject to adjustment.
Transaction equals approximately $9.00 book value per share; closing requires shareholder approval.
Company will cease new originations; WPM to continue servicing until closing.
After closing, company plans to explore strategic alternatives for proceeds and maximize deferred tax assets.
Closing also contingent on settlement of existing litigation (Nicholas Financial v. Jeremiah Gross) reasonably satisfactory to Westlake.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OLD MARKET CAPITAL Corp entered into Master Asset Purchase Agreement with Westlake Services, LLC dba Westlake Financial (effective 2023-11-13).

Action: entry
Agreement: asset purchase
Counterparty: Westlake Services, LLC dba Westlake Financial
Effective: 2023-11-13

Exact text from the filing

MASTER ASSET PURCHASE AGREEMENT THIS MASTER ASSET PURCHASE AGREEMENT, dated as of November 13, 2023 (“Effective Date”), is between Westlake Services, LLC dba Westlake Financial , a California limited liability company (“ Westlake ”) and Nicholas Financial, Inc., a Florida corporation (“ Assignor ”).

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Source: SEC EDGAR

accession 0000950170-23-064652

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