Altisource (ASPS) Warrants Now Exercisable After VWAP Trigger

Altisource Portfolio Solutions S.A.

Rhea-AI Filing Summary

Altisource Portfolio Solutions S.A. (ASPS) filed a Form 8-K on 4 Aug 2025 to announce that the Stakeholder Warrants issued on 31 Mar 2025 are now exercisable. Two warrant classes exist:

• Cash Exercise Stakeholder Warrants (ASPSZ) – exercise requires cash payment of the strike price to the Company.
• Net Settle Stakeholder Warrants (ASPSW) – exercisable on a cash-less basis.

The Warrant Agent Agreement stated that exercisability begins on the later of 2 Jul 2025 or the first date the common-stock VWAP equals/exceeds the Warrants’ Implied Per Share Exercise Price for 15 consecutive trading days. This VWAP condition was satisfied on 25 Jul 2025; hence, both warrant series can now be exercised. The Company furnished a Regulation FD FAQ link for additional details and noted that the furnished information is not deemed “filed” under Exchange Act Section 18. No financial statements, earnings data, or other material events were included in this filing.

Positive

• Cash Exercise Stakeholder Warrants could provide the Company with fresh capital upon holder exercise, supporting liquidity.

Negative

• Exercise of either warrant class will increase outstanding shares, posing dilution risk to current shareholders.

Insights

Financial Analyst

TL;DR – Warrants become exercisable; possible cash inflow but potential dilution.

The 8-K is narrowly focused on triggering conditions for two warrant classes. Cash Exercise Warrants could inject capital when holders pay the strike price, improving near-term liquidity. However, both cash and cashless warrants expand the share count once exercised, creating dilution risk for existing shareholders. The notice contains no pricing, proceeds estimates, or guidance, so the ultimate impact hinges on holder behavior. Overall, the event is operationally routine and financially modest unless exercise volumes are large.

Corporate Governance Expert

TL;DR – 8-K meets disclosure duties; no governance changes.

Altisource proactively complies with Reg FD by furnishing an FAQ and confirming exercisability criteria were met. The filing contains standard safe-harbor language and no amendments to the Warrant Agent Agreement, board composition, or control provisions. Consequently, governance implications are minimal; the item primarily updates the market on a mechanical trigger already embedded in prior agreements.

8-K Event Classification

2 items: 7.01, 8.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What triggered the exercisability of Altisource (ASPS) warrants?

The common-stock VWAP exceeded the Implied Per Share Exercise Price for 15 consecutive trading days, achieved on 25 Jul 2025.

When can holders begin exercising the ASPSZ and ASPSW warrants?

Both warrant series became exercisable as of 25 Jul 2025, the date the VWAP condition was satisfied.

What are the trading symbols for Altisource's warrants?

Cash Exercise Stakeholder Warrants trade as ASPSZ; Net Settle Stakeholder Warrants trade as ASPSW on Nasdaq.

How will the Cash Exercise Stakeholder Warrants impact Altisource's cash position?

If holders exercise, they must pay the strike price in cash, potentially providing additional capital to the Company.

Where can investors find more information about the warrant terms?

Altisource furnished an FAQ at https://www.altisource.com/wp-content/uploads/2025/07/ASPS_FAQ_Re_Warrants_187797674_5.pdf.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/04/2025 - 11:19 AM Learn about SEC filing dates

0001462418false00014624182025-08-042025-08-040001462418asps:CashExerciseStakeholderWarrantsMember2025-08-042025-08-040001462418asps:NetSettleStakeholderWarrantsMember2025-08-042025-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2025

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

(Exact name of Registrant as specified in its Charter)

Luxembourg

001-34354

98-0554932

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

33, Boulevard Prince Henri

L-1724 Luxembourg

Grand Duchy of Luxembourg

(Address of principal executive offices including zip code)

+352 2060 2055

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value per share

ASPS

The Nasdaq Stock Market LLC

Cash Exercise Stakeholder Warrants

ASPSZ

The Nasdaq Stock Market LLC

Net Settle Stakeholder Warrants

ASPSW

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.						☐

Item 7.01. Regulation FD Disclosure.

For a list of Frequently Asked Questions regarding the Warrants (as defined below in Item 8.01), please see the following link: https://www.altisource.com/wp-content/uploads/2025/07/ASPS_FAQ_Re_Warrants_187797674_5.pdf.

The information set forth in Item 7.01 of this Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information set forth in Item 7.01 of this Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing.

Item 8.01. Other Events

As previously disclosed on a Current Report on Form 8-K filed by Altisource Portfolio Solutions S.A. (the “Company”) with the Securities and Exchange Commission (the “SEC”) on April 2, 2025, the Company issued Warrants (defined below) pursuant to the terms of the Warrant Agent Agreement, dated as of March 31, 2025, between the Company and Equiniti Trust Company, LLC, as warrant agent (the “Warrant Agent Agreement”).

The Company issued two types of Warrants:

•Warrants to purchase shares of Company’s common stock, par value US$0.01 per share (“Common Stock”) requiring cash settlement through the cash payment to the Company of the exercise price (the “Cash Exercise Stakeholder Warrants”); and

•Warrants to purchase shares of Common Stock exercisable on a cashless basis (together with the Cash Exercise Stakeholder Warrants, the “Warrants” and each a “Warrant”).

The Warrant Agent Agreement provides that the Warrants may become exercisable on the later of (i) July 2, 2025 and (ii) the first date on which the VWAP (as defined in the Warrant Agent Agreement) of the Common Stock equals or exceeds the Implied Per Share Exercise Price (as defined in the Warrant Agent Agreement) of the Warrants for a period of fifteen consecutive Trading Days (as defined in the Warrant Agent Agreement).

The VWAP exceeded the Implied Per Share Exercise Price for a period of fifteen consecutive Trading Days as of the close of trading on July 25, 2025. Accordingly, the Warrants are now exercisable in accordance with their terms.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 4, 2025

			Altisource Portfolio Solutions S.A.
			By:			/s/ Michelle D. Esterman
			Name:			Michelle D. Esterman
			Title:			Chief Financial Officer