atlanticus holdings corp (ATLC) Key Developments
Atlanticus Holdings Corporation, Annual General Meeting, May 08, 2015
Apr 13 15
Atlanticus Holdings Corporation, Annual General Meeting, May 08, 2015., at 09:00 Eastern Daylight. Location: Five Concourse Parkway, Suite 400. Agenda: To elect five directors for terms expiring at the 2016 annual meeting of shareholders; and to transact such other business as may properly come before the meeting or any adjournment thereof.
Atlanticus Holdings Corp. Enters into Loan and Security Agreement with Dove Ventures LLC
Dec 3 14
Atlanticus Holdings Corp. and certain units on Nov. 26, 2014 entered into a loan and security agreement with Dove Ventures LLC. The agreement provides for a senior secured term loan facility in an amount of up to $40.0 million at any time outstanding, consisting of an initial term loan of $20.0 million and additional term loans available at the sole discretion of Dove and upon the company's request, provided that the aggregate amount of all outstanding term loans does not exceed $40.0 million. Dove on Nov. 26, 2014 funded the initial term loan of $20.0 million. Atlanticus Holdings on Nov. 28, 2014 used the proceeds of the initial term loan to repurchase $46.1 million in aggregate principal amount of its 5.875% convertible senior notes due 2035. The aggregate purchase price for the notes was $20.0 million, including accrued interest, and resulted in an aggregate gain of $12.0 million, net of the notes applicable share of deferred costs, which were written off in connection with the repurchase. The obligations of the company under the agreement are guaranteed by the subsidiary guarantors and secured by a pledge of certain assets of the company and the subsidiary guarantors. The loans bear interest at the rate of 9% per annum, payable monthly in arrears. The principal amount of the loans is payable in a single installment on Nov. 25, 2015. Future loans under the agreement can be used for additional repurchases of the company's outstanding notes and other purposes approved by Dove.
Atlanticus Holdings Corporation Not In Compliance With NASDAQ Listing Rules
Nov 4 14
The NASDAQ Stock Market advised Atlanticus Holdings Corporation on October 29, 2014 that the market value of publicly held shares of the Company had been below the minimum of $15,000,000 for the previous 30 consecutive business days, which is required for continued listing on The NASDAQ Global Select Market pursuant to NASDAQ Listing Rule 5450(b)(3)(C). Pursuant to NASDAQ Listing Rule 5810(c)(3)(D), NASDAQ has provided the Company with 180 calendar days, or until April 27, 2015, to regain compliance with the Listing Rule. During this period, the Company’s common stock will continue to trade uninterrupted on The NASDAQ Global Select Market under the symbol “ATLC.” To regain compliance, the market value of the Company’s publicly held shares must be at least $15,000,000 for a minimum of 10 consecutive business days at any time before April 27, 2015. If the Company regains compliance with the Listing Rule, NASDAQ will provide written confirmation to the Company and close the matter. If the Company does not regain compliance with the Listing Rule by April 27, 2015, it will receive notice of delisting from NASDAQ, which notice may be appealed at that time. Further, the Company may transfer its common stock listing to The NASDAQ Capital Market, provided it meets the continued listing requirements for that market. The Company fully expects to regain compliance with the Listing Rule by April 27, 2015. Alternatively, the Company may transfer its listing to The NASDAQ Capital Market.
Atlanticus Holdings Corporation, Annual General Meeting, May 09, 2014
Apr 15 14
Atlanticus Holdings Corporation, Annual General Meeting, May 09, 2014., at 09:00 Eastern Daylight. Location: Five Concourse Parkway. Agenda: To elect five directors for terms expiring at the 2015 annual meeting of shareholders; to approve the company 2014 equity incentive plan; and to transact such other business as may properly come before the meeting or any adjournment thereof.
Atlanticus Holdings Corporation Announces Executive Changes
Feb 21 14
On February 21, 2014, Richard R. House, Jr. announced his resignation as President and a member of the Board of Directors of Atlanticus Holdings Corporation, effective March 31, 2014. Mr. House intends to pursue other business opportunities. On February 21, 2014, the company announced that the Board appointed Jeff Howard as President and a member of the Board of the Company, effective April 1, 2014. Mr. Howard, age 44, joined its subsidiary Atlanticus Services Corporation in 2001 and has served as Executive Managing Director of that subsidiary since 2012 and as Director of Corporate Development since 2001.