8-K
OLD MARKET CAPITAL Corp (OMCC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) February 20, 2020
NICHOLAS FINANCIAL, INC.
(Exact name of registrant as specified in its Charter)
| British Columbia, Canada | 0-26680 | 59-2506879 |
|---|---|---|
| (State or Other Jurisdiction of<br><br><br>Incorporation or Organization) | (Commission<br><br><br>File Number) | (I.R.S. Employer<br><br><br>Identification No.) |
| 2454 McMullen Booth Road, Building C<br><br><br>Clearwater, Florida | 33759 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) |
(727) 726-0763
(Registrant’s telephone number, Including area code)
Not applicable
(Former name, former address and former fiscal year, 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 (see General Instruction A.2. below):
| ☐ | 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)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br><br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | NICK | NASDAQ |
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 8.01 | Other Events. |
|---|
On February 20, 2020 Nicholas Financial, Inc. (the “Company”) issued a press release announcing the Company entered into a binding agreement with Platinum Auto Finance of Tampa Bay, LLC to acquire approximately $19 million of their active portfolio. A copy of this press release is attached hereto as Exhibit 99.1.
The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) is furnished pursuant to this Item 8.01 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.
| Item 9.01 | Financial Statements and Exhibits |
|---|---|
| Exhibit # | Description |
| --- | --- |
| 99.1 | Press release dated February 20, 2020 |
SIGNATURES
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.
| NICHOLAS FINANCIAL, INC. | ||
|---|---|---|
| (Registrant) | ||
| Date: February 20, 2020 | /s/ Douglas Marohn | |
| Douglas Marohn | ||
| President and Chief Executive Officer<br><br><br>(Principal Executive Officer) |
nick-ex991_6.htm
Exhibit 99.1
 |
FOR IMMEDIATE RELEASE | |
|---|---|---|
| Nicholas | Contact: Doug Marohn | NASDAQ: NICK |
| Nicholas Financial, Inc.<br><br><br>Corporate Headquarters<br><br><br>2454 McMullen-Booth Rd.<br><br><br>Building C, Suite 501<br><br><br>Clearwater, FL 33759 | CEO<br><br><br>Ph # (727)-726-0763 | Web site: www.nicholasfinancial.com |
Nicholas Financial, Inc. to acquire approximately $19 million of Platinum Auto Finance’s active portfolio.
February 20, 2020 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) – an industry leading branch-based subprime auto leader focused on servicing the needs of the local independent dealer – announced today that they have entered into an agreement with Platinum Auto Finance of Tampa Bay, LLC (d/b/a Platinum Auto Finance) to acquire approximately $19 million of Platinum’s active and performing portfolio. This is the 3rd bulk portfolio purchase of Platinum Auto Finance’s receivable base in as many months. The first bulk purchases were $1.1 million and $0.9 million respectively, laying the groundwork for this much larger acquisition.
“We have had a positive relationship with Platinum for some time now, and we are pleased we could see this acquisition through,” said Doug Marohn, president and CEO of Nicholas Financial. “Bringing over this portfolio to Nicholas increases our indirect portfolio by approximately 10% and will be immediately accretive. It also frees up liquidity for Platinum as they look to further their own strategic initiatives.”
In addition to these transactions, Nicholas has been working together with Platinum on several joint ventures over the last several months. These joint venture initiatives include cross-marketing, application pass-throughs and other related projects.
“We are excited to continue to build our relationship with the Nicholas Financial Team,” said Michael Kaplanis, CEO of Platinum Auto Finance. “Our companies share a core philosophy to structure transactions that set up consumers for success and we complement each other strongly in our approach to providing great service to our dealer clients and customers.”
For more information on Nicholas, visit www.nicholasfinancial.com. For more information on Platinum Auto Finance, visit www.platinumautofinance.com.
About Nicholas Financial
Nicholas Financial, Inc. is a publicly-traded specialty consumer finance company, operating branch locations in both Southeastern and Midwestern U.S. states. The Company has approximately 7.9 million shares of voting common stock outstanding. For an index of Nicholas Financial, Inc.’s news releases or to obtain a specific release, please visit our website at www.nicholasfinancial.com.
About Platinum Auto Finance
Platinum Auto Finance is a technology enabled, indirect consumer finance company focused on automobile loans to consumers establishing credit or those with past credit challenges. The Company utilizes data and technology to make fast decisions, but its team is available to discuss transactions on a one-by-one basis. The Company purchases contracts in Florida, Georgia, Indiana, Missouri, North Carolina, Ohio, South Carolina and Tennessee. For more information, please visit our website at www.platinumautofinance.com.