First Trinity terminates Share Acquisition Agreement with MTCP LLC; deal abandoned

First Trinity Financial CORP

Board unanimously voted to terminate on Feb 23, 2024; notice given Feb 26, 2024.
Agreement dated April 24, 2023 involved MTCP LLC as Buyer and Brickell L&A Holdings as wholly owned subsidiary.
Termination under Fifth Amendment; FTFC demands expense reimbursement from Buyer.
Company to focus on 2023 Form 10-K and May 2024 Annual Meeting proxy statement.
Shareholder proposals and director nominations must be received by March 27, 2024.

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

First Trinity Financial CORP terminated Share Acquisition Agreement with MTCP LLC valued at Termination of Share Acquisition Agreement (effective 2024-02-26).

Action: termination
Agreement: merger
Counterparty: MTCP LLC
Value: Termination of Share Acquisition Agreement
Effective: 2024-02-26

Exact text from the filing

On February 23, 2024, the Board of Directors of First Trinity Financial Corporation (the “Company”) unanimously voted to terminate the Share Acquisition Agreement dated April 24, 2023 (the “Agreement”) among the Company, MTCP LLC, a Florida limited liability company (the “Buyer”) and Brickell L&A Holdings LLC, a Delaware limited liability company wholly owned by the Buyer, pursuant to provisions of an amendment to the Agreement giving the Company the right to terminate the Agreement.

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Source: SEC EDGAR

accession 0001437749-24-005820

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