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Asta Funding, Inc. Completes Take-Private Transaction

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ENGLEWOOD CLIFFS, N.J., Sept. 29, 2020 (GLOBE NEWSWIRE) -- Asta Funding, Inc. (NASDAQ: ASFI) (“Asta” or the “Company”) announced that its merger whereby the Company has become a wholly-owned subsidiary of Asta Finance Acquisition, Inc. is complete. The transaction was previously announced on April 8, 2020.

Asta will operate as an independent, privately-held company and will remain based in Englewood Cliffs, New Jersey.

“I would like to thank all of the Company's stockholders for their support over the many years,” said Gary Stern, Chairman, Founding President and Chief Executive Officer of Asta.

Under the terms of the merger agreement, Asta’s stockholders will receive $13.10 per share in cash. As a result of the closing of the transaction, Asta’s common stock has ceased trading as of today on the NASDAQ Global Select Market and will be delisted.

Advisors

Lincoln International LLC is serving as financial advisor to the Special Committee, Tannenbaum Helpern Syracuse & Hirschtritt LLP is serving as legal counsel to the Special Committee, and Troutman Pepper Hamilton Sanders LLP is serving as legal counsel to the Company.

About Asta

Asta Funding, Inc., headquartered in Englewood Cliffs, New Jersey, is a diversified financial services company that assists consumers and serves investors through the strategic management of three complementary business segments: consumer receivables, social security disability advocacy and personal injury claims. For more information, please visit http://www.astafunding.com.

For more information:

Seth Berman
General Counsel
(201) 308-9301
sberman@astafunding.com

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ASFI

NASDAQ:ASFI

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ASFI Latest News

Sep 29, 2020
Asta Funding, Inc. Completes Take-Private Transaction
Sep 25, 2020
Asta Funding, Inc. Receives Stockholder Approval for Going-Private Transaction
Jun 25, 2020
Asta Funding, Inc. Announces Amendment to Merger Agreement Providing for an Increase in Merger Consideration from $11.47 to $13.10
Jun 1, 2020
Asta Funding, Inc. Announces Nasdaq Notifications of Delinquency and Regained Compliance

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About ASFI

Asta Funding, Inc. operates as a consumer receivable asset management company. It operates through the following segments: Consumer Receivables, Personal Injury Claims and Social Security Disability Advocacy. The Consumer Receivables segment engages in the business of purchasing, managing for its own account and servicing distressed charged off receivables, including charged off consumer receivables, and semi-performing receivables. The Personal Injury Claims segment holds interest in personal injury claims from claimants who are a party to a personal injury claim. The Social Security Disability Advocacy segment consists of advocacy groups representing individuals throughout the United States in their claims for social security disability and supplemental social security income benefits from the Social Security Administration and Department of Veterans Affairs. The company was founded on July 7, 1994 and is headquartered in Englewood Cliffs, NJ.