Altisource Announces it (1) Anticipates the Record Date to Receive Stakeholder Warrants in Connection With the Previously Announced Debt Exchange Transaction to be February 14, 2025 (2) Entered Into Voting Support Agreements in Favor of Proposals Relating to the Debt Exchange Transaction With Shareholders Holding Approximately 53% of the Company’s Common Stock
Altisource Portfolio Solutions (NASDAQ: ASPS) has announced key updates regarding its previously announced debt exchange transaction. The company anticipates that holders of its common stock, restricted share units, and existing penny warrants as of February 14, 2025 will receive warrants to purchase approximately 3.25 shares of Altisource common stock at an exercise price of $1.20 per share.
The company has secured voting support agreements from shareholders holding approximately 53% of its outstanding common stock, who have agreed to vote in favor of the transaction proposals. This follows the December 16, 2024 Transaction Support Agreement with holders of approximately 99% of the company's outstanding term loans.
The warrant issuance is subject to shareholder approval of the proposals outlined in the company's January 3, 2025 Proxy Statement and the closing of the transactions.
Altisource Portfolio Solutions (NASDAQ: ASPS) ha annunciato aggiornamenti chiave riguardanti la sua precedente transazione di scambio del debito. L'azienda si aspetta che i detentori delle sue azioni ordinarie, delle unità di azioni vincolate e delle attuali opzioni a penny, a partire da 14 febbraio 2025, riceveranno opzioni per acquistare circa 3,25 azioni di azioni ordinarie di Altisource a un prezzo di esercizio di $1,20 per azione.
L'azienda ha ottenuto accordi di supporto al voto da azionisti che detengono circa il 53% delle sue azioni ordinarie in circolazione, i quali hanno concordato di votare a favore delle proposte di transazione. Ciò segue l'Accordo di Supporto alla Transazione del 16 dicembre 2024 con i detentori di circa il 99% dei prestiti a termine in circolazione dell’azienda.
L'emissione delle opzioni è soggetta all'approvazione degli azionisti delle proposte outline nel Proxy Statement del 3 gennaio 2025 e alla conclusione delle transazioni.
Altisource Portfolio Solutions (NASDAQ: ASPS) ha anunciado actualizaciones clave sobre su transacción de cambio de deuda previamente anunciada. La empresa anticipa que los tenedores de sus acciones ordinarias, unidades de acciones restringidas y opciones existentes de bajo precio a partir del 14 de febrero de 2025 recibirán opciones para comprar aproximadamente 3,25 acciones de acciones ordinarias de Altisource a un precio de ejercicio de $1.20 por acción.
La empresa ha asegurado acuerdos de apoyo para la votación de accionistas que poseen aproximadamente el 53% de sus acciones ordinarias en circulación, quienes han acordado votar a favor de las propuestas de transacción. Esto sigue al Acuerdo de Apoyo a la Transacción del 16 de diciembre de 2024 con los tenedores de aproximadamente el 99% de los préstamos a plazo en circulación de la empresa.
La emisión de opciones está sujeta a la aprobación de los accionistas de las propuestas esbozadas en la Declaración de Poderes del 3 de enero de 2025 y al cierre de las transacciones.
Altisource Portfolio Solutions (NASDAQ: ASPS)가 이전에 발표한 채무 교환 거래에 대한 주요 업데이트를 발표했습니다. 이 회사는 2025년 2월 14일 기준으로 보통주, 제한 주식 단위 및 기존의 저가 다이아몬드 옵션 보유자들이 약 3.25주의 Altisource 보통주를 주당 $1.20의 행사 가격으로 구매할 수 있는 옵션을 받을 것으로 예상하고 있습니다.
이 회사는 자사의 총 발행 보통주 약 53%를 보유한 주주들로부터 투표 지원 계약을 확보했으며, 이들은 거래 제안에 동의하여 찬성 투표를 하기로 했습니다. 이는 2024년 12월 16일 자사의 전체 진행 중인 정기 대출 보유자의 약 99%와 함께한 거래 지원 계약에 따른 것입니다.
옵션 발행은 2025년 1월 3일 자사의 위임장에 언급된 제안에 대한 주주 승인의 조건이며, 거래가 종료되는 것을 전제로 합니다.
Altisource Portfolio Solutions (NASDAQ: ASPS) a annoncé des mises à jour clés concernant sa transaction d'échange de dettes précédemment annoncée. L'entreprise s'attend à ce que les détenteurs de ses actions ordinaires, d'unités d'actions restreintes et d'options à faible prix existantes, à compter du 14 février 2025, reçoivent des options d'achat d'environ 3,25 actions d'actions ordinaires Altisource à un prix d'exercice de 1,20 $ par action.
L'entreprise a obtenu des accords de soutien au vote de la part d'actionnaires détenant environ 53% de ses actions ordinaires en circulation, qui ont convenu de voter en faveur des propositions de transaction. Cela fait suite à l'accord de soutien à la transaction du 16 décembre 2024 avec des détenteurs d'environ 99% des prêts à terme de l'entreprise en circulation.
L'émission des options est soumise à l'approbation des actionnaires des propositions exposées dans le document de procuration de l'entreprise du 3 janvier 2025 ainsi qu'à la conclusion des transactions.
Altisource Portfolio Solutions (NASDAQ: ASPS) hat wichtige Neuigkeiten zu seiner zuvor angekündigten Schuldenumtauschaktion bekannt gegeben. Das Unternehmen erwartet, dass Inhaber seiner Stammaktien, eingeschränkten Aktieneinheiten und bestehender Penny-Warrants ab dem 14. Februar 2025 Warrants erhalten werden, um ungefähr 3,25 Aktien der Altisource Stammaktien zu einem Ausübungspreis von 1,20 $ pro Aktie zu erwerben.
Das Unternehmen hat Abstimmungen von Aktionären gesichert, die etwa 53% seiner ausstehenden Stammaktien halten und zugestimmt haben, den Transaktionsvorschlägen zuzustimmen. Dies folgt auf das Transaction Support Agreement am 16. Dezember 2024 mit Inhabern von etwa 99% der ausstehenden Terminkredite des Unternehmens.
Die Emission der Warrants unterliegt der Genehmigung der Aktionäre der in der Stimmrechtsmitteilung des Unternehmens vom 3. Januar 2025 umrissenen Vorschläge und dem Abschluss der Transaktionen.
- Secured support from 53% of shareholders for debt exchange transaction approval
- 99% of term loan holders agreed to the Transaction Support Agreement
- Offering warrants at $1.20 per share provides potential upside for existing shareholders
- Debt restructuring indicates potential financial challenges
- Warrant issuance may lead to future dilution for existing shareholders
Insights
The anticipated debt restructuring transaction represents a critical financial maneuver for Altisource. With 53% of shareholders already committed through voting support agreements, the company has secured a strong foundation for approval of the debt exchange proposals. The transaction's structure, offering warrants at
The high participation rate of term loan holders (
Think of this as a financial "bridge" being built with the support of both creditors and shareholders - it's not just about extending debt maturity, but about creating a pathway for potential equity appreciation through the warrant structure. This could help align the interests of debt holders and shareholders in the company's recovery.
The careful structuring of this transaction demonstrates sophisticated legal engineering. The issuance of warrants to existing shareholders, RSU holders and warrant holders as of the February 14, 2025 record date is contingent upon both shareholder approval and transaction closing - a dual-contingency approach that provides legal protection while ensuring proper corporate governance.
The 53% voting support agreements represent a strategic legal buffer, effectively pre-securing majority approval for the proposals outlined in the January 3rd proxy statement. This reduces execution risk and strengthens the company's position in completing the restructuring. The transaction's dependence on board approval, shareholder votes and definitive agreements demonstrates a comprehensive approach to satisfying fiduciary duties and regulatory requirements.
For the average investor, this is like having insurance on a complex construction project - the legal framework ensures all stakeholders' rights are protected while allowing necessary structural changes to move forward.
LUXEMBOURG, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced that it anticipates holders of Altisource’s common stock, restricted share units and existing penny warrants (“Existing Warrants”), in each case, of record as of February 14, 2025 will receive warrants to purchase approximately 3.25 shares of Altisource common stock at an exercise price of
The Company has also entered into voting and support agreements with shareholders holding approximately
The closing of the Transactions is subject to certain terms and conditions, negotiation of, agreement upon and execution of definitive agreements, approval of the Company’s Board of Directors and shareholder approval of the Proposals, as necessary.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements include all statements that are not historical fact, including statements that relate to, among other things, the expected record date for the distribution of Warrants, the number of shares issuable upon exercise of the Warrants and the closing of the Transactions. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “seek,” “believe,” “potential” or “continue” or the negative of these terms and comparable terminology. Such statements are based on expectations as to the future and are not statements of historical fact. Furthermore, forward-looking statements are not guarantees of future performance and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the risks discussed in Item 1A of Part I “Risk Factors” of our Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 7, 2024, as the same may be updated from time to time in our subsequent Form 10-Q filings. We caution you not to place undue reliance on these forward-looking statements which reflect our view only as of the date of this press release. We are under no obligation (and expressly disclaim any obligation) to update or alter any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, risks related to customer concentration, the timing of the expiration of certain governmental and servicer foreclosure and eviction moratoriums and forbearance programs and the anticipated increase in default related referrals (if any) following the same, and any other delays occasioned by government, investor or servicer actions, the use and success of our products and services, our ability to retain existing customers and attract new customers and the potential for expansion or changes in our customer relationships, technology disruptions, our compliance with applicable data requirements, our use of third party vendors and contractors, our ability to effectively manage potential conflicts of interest, macro-economic and industry specific conditions, our ability to effectively manage our regulatory and contractual obligations, the adequacy of our financial resources, including our sources of liquidity and ability to repay borrowings and comply with our debt agreements, including the financial and other covenants contained therein, as well as Altisource’s ability to retain key executives or employees, behavior of customers, suppliers and/or competitors, technological developments, governmental regulations, taxes and policies, and the risks and uncertainties related to completion of the Transactions on the anticipated terms or at all, including the negotiation of and entry into the definitive agreements and the satisfaction of the closing conditions of such definitive agreements, including the obtaining of the required shareholder approval of the Proposals. We undertake no obligation to update these statements, scenarios and projections as a result of a change in circumstances, new information or future events, except as required by law.
About Altisource
Altisource Portfolio Solutions S.A. is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at www.Altisource.com.
Additional Information and Where to Find It
Altisource has filed a definitive proxy statement (the “Proxy Statement”) with the SEC in connection with its solicitation of proxies for its Extraordinary General Meeting of Shareholders (the “Extraordinary Meeting,”) and Special General Meeting of Shareholders (the “Special Meeting,” and together with the Special Meeting, the “Meetings”). The Proxy Statement has been made available to Altisource’s shareholders. Altisource’s shareholders are strongly encouraged to read the Proxy Statement and any other relevant documents that are filed or will be filed with the SEC, as well as any amendments or supplements to these documents when they become available, carefully and in their entirety because they contain or will contain important information about the proposed Transactions and related matters. Stockholders may obtain the Proxy Statement, any amendments or supplements to the proxy statement and other documents as and when filed by Altisource with the SEC without charge from the SEC’s website at www.sec.gov or from the Investor Relations section of Altisource’s website at https://ir.altisource.com/financial-information.
Website References
References to information included on, or accessible through, websites do not constitute incorporation by reference of the information contained on or available through such websites, and you should not consider such information to be part of this press release.
Disclaimer
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company.
FOR FURTHER INFORMATION CONTACT:
Michelle D. Esterman
Chief Financial Officer
T: (770) 612-7007
E: Michelle.Esterman@altisource.com
FAQ
What is the record date for Altisource (ASPS) stakeholder warrants in 2025?
How many shares can be purchased with each ASPS warrant in the 2025 debt exchange?
What is the exercise price for ASPS warrants issued in the 2025 debt exchange?
What percentage of ASPS shareholders have agreed to support the 2025 debt exchange?
What percentage of ASPS term loan holders support the 2025 debt exchange transaction?
