Nicholas Financial (NICK) has issued an update.
Nicholas Financial, Inc. has agreed to acquire a majority stake in Amplex Electric, Inc., purchasing 51% of its common shares for $37.5 million, with adjustments as per their agreement. The deal will be financed using Nicholas Financial’s available cash, negating the need for external funding. Additionally, a loan agreement between Nicholas and Amplex was established, allowing for term loan advances up to $900,000. The share purchase and loan agreements include standard representations, warranties, and conditions, including regulatory approvals and specified termination rights.
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