8-K
filed February 28, 2023, 6:59 PM ET
CIK 0001651094
M&A
confidence high
sentiment neutral
materiality 1.00
Elevate Credit, Inc.: M&A transaction — Park Cities Asset Management completes acquisition of Elevate Credit for $1.87 per share
Elevate Credit, Inc.
- All-cash deal at $1.87/share, implied value of $67 million.
- Elevate shares ceased trading; delisting from NYSE and deregistration initiated.
- Management rolled over 156,355 shares and 2,070,992 RSUs into Parent equity.
- Board members Jesse Bray, Stephen Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra Schrock, Bradley Strock resigned.
- Company will continue operating under the Elevate name and brand.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bradley R. Strock resigned as Director at Elevate Credit, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Jesse K. Bray, Stephen B. Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra D. Schrock, and Bradley R. Strock resigned from his or her respective position as a member of the board of directors of the Company, and any committee thereof, effective as of the Effective Time (as defined in the Merger Agreement).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Tyler Head resigned as Director at Elevate Credit, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Jesse K. Bray, Stephen B. Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra D. Schrock, and Bradley R. Strock resigned from his or her respective position as a member of the board of directors of the Company, and any committee thereof, effective as of the Effective Time (as defined in the Merger Agreement).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jesse K. Bray resigned as Director at Elevate Credit, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Jesse K. Bray, Stephen B. Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra D. Schrock, and Bradley R. Strock resigned from his or her respective position as a member of the board of directors of the Company, and any committee thereof, effective as of the Effective Time (as defined in the Merger Agreement).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Pugh resigned as Director at Elevate Credit, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Jesse K. Bray, Stephen B. Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra D. Schrock, and Bradley R. Strock resigned from his or her respective position as a member of the board of directors of the Company, and any committee thereof, effective as of the Effective Time (as defined in the Merger Agreement).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Stephen B. Galasso resigned as Director at Elevate Credit, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Jesse K. Bray, Stephen B. Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra D. Schrock, and Bradley R. Strock resigned from his or her respective position as a member of the board of directors of the Company, and any committee thereof, effective as of the Effective Time (as defined in the Merger Agreement).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Saundra D. Schrock resigned as Director at Elevate Credit, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Jesse K. Bray, Stephen B. Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra D. Schrock, and Bradley R. Strock resigned from his or her respective position as a member of the board of directors of the Company, and any committee thereof, effective as of the Effective Time (as defined in the Merger Agreement).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Manuel Sanchez Rodriguez resigned as Director at Elevate Credit, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of Jesse K. Bray, Stephen B. Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra D. Schrock, and Bradley R. Strock resigned from his or her respective position as a member of the board of directors of the Company, and any committee thereof, effective as of the Effective Time (as defined in the Merger Agreement).
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Elevate Credit, Inc.: The Company's Second Amended and Restated Certificate of Incorporation was amended and restated in its entirety.
- Change
- charter amendment
Exact text from the filing
At the Effective Time, the Company’s Second Amended and Restated Certificate of Incorporation was amended and restated in its entirety in accordance with the terms of the Merger Agreement.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Elevate Credit, Inc. underwent a change of control involving PCAM Acquisition Corp. for $1.87 per share in cash (closed 2023-02-28).
- Action
- change of control
- Counterparty
- PCAM Acquisition Corp.
- Consideration
- $1.87 per share in cash
- Closing
- 2023-02-28
Exact text from the filing
shares of common stock, par value $0.0004 per share (“Common Stock”), was converted automatically at the Effective Time into the right to receive an amount in cash equal to $1.87, without interest and less any applicable withholding taxes (the “Merger Consideration”), other than shares of Common Stock owned by Parent, Merger Sub or the Company (as
View on SEC.gov
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