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.
Asta Funding, Inc. (NASDAQ: ASFI) has completed its merger with Asta Finance Acquisition, Inc., making it a wholly-owned subsidiary. Stockholders will receive $13.10 per share in cash. Following the merger, Asta's common stock has ceased trading on the NASDAQ and will be delisted. Asta will continue to operate as a privately-held company based in Englewood Cliffs, New Jersey. Gary Stern, CEO, expressed gratitude to stockholders for their support over the years.
Asta Funding, Inc. (NASDAQ: ASFI) has successfully obtained stockholder approval for its merger with Asta Finance Acquisition Inc. at a virtual meeting held on Sept. 25, 2020. Approximately 91% of the total shares voted in favor of the merger agreement, which was previously announced on April 8, 2020. Upon completion, stockholders will receive $13.10 per share in cash. The merger is expected to close during the week of Sept. 28, 2020, after which Asta will operate as a privately-held company, ceasing its NASDAQ trading.
Asta Funding, Inc. (NASDAQ: ASFI) has amended its merger agreement with the Stern Group, raising the acquisition price from $11.47 to $13.10 per share, reflecting an 18% premium over Asta's last closing price. The merger, approved by Asta's board without Gary Stern's participation, is financed through a loan facility from Bank Leumi USA and is expected to close in Asta’s fourth fiscal quarter of 2020, pending stockholder approval. This will result in Asta becoming a privately held entity, with its shares delisted from Nasdaq.
Asta Funding, Inc. (NASDAQ: ASFI) received a notification from Nasdaq on May 27, 2020, regarding a violation of Listing Rule 5250(c)(1) due to its failure to file the Quarterly Report for the period ended March 31, 2020, by the May 15 deadline. The Company explained that delays in data compilation hindered timely submission. Nasdaq allowed Asta until July 27 to submit a compliance plan, with a potential extension until November 16 if accepted. Asta filed the report on May 29, 2020, and regained compliance as confirmed by a Nasdaq close-out letter on June 1, 2020.