Asta Funding, Inc. Completes Take-Private Transaction

Rhea-AI Summary

Asta Funding (NASDAQ: ASFI) has completed its merger with Asta Finance Acquisition, becoming a wholly-owned subsidiary. Shareholders will receive $13.10 per share in cash, leading to Asta's common stock being delisted from NASDAQ as of September 29, 2020. Asta will now operate as an independent, privately-held company based in Englewood Cliffs, New Jersey. The merger was previously announced on April 8, 2020. The company focuses on consumer receivables, social security disability advocacy, and personal injury claims.

Positive

• Shareholders will receive $13.10 per share in cash from the merger.
• Asta will continue operating independently, suggesting potential stability.

Negative

• Asta's common stock has ceased trading and will be delisted from NASDAQ.

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

FAQ

What is the current status of Asta Funding's stock after the merger?

Asta Funding's common stock has ceased trading on NASDAQ and will be delisted.

What will shareholders receive from the Asta Funding merger?

Shareholders will receive $13.10 per share in cash as part of the merger agreement.

When was the merger of Asta Funding announced?

The merger was announced on April 8, 2020.

Is Asta Funding still publicly traded?

No, Asta Funding is now a privately-held company following the merger.