secwatch.observer — SEC 8-K summary
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Issuer:     Finance of America Companies Inc. (FOA)
CIK:        0001828937
Form:       8-K/A
Filed at:   2023-06-14T23:59:59+00:00
Accession:  0001828937-23-000075
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

AAG 2022 net loss $98.9M, debt covenant violations; FOA acquisition closed
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- AAG net loss $98.9M in 2022 vs $8.0M loss in 2021; revenue fell to $360M from $703M.
- AAG total assets $5.22B, liabilities $5.19B, equity $31.5M at Dec 31, 2022.
- AAG was in violation of debt covenants at Dec 31, 2022; auditor included going-concern emphasis.
- FOA acquired substantial majority of AAG assets for $46.6M (stock, note, cash) on March 31, 2023.
- Unaudited pro forma condensed financials filed to reflect the AAG Transaction.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1828937/000182893723000075/0001828937-23-000075-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1828937/000182893723000075/foa-20230331.htm
  HTML page:      https://secwatch.observer/filing/0001828937-23-000075

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