Elevate shareholders to receive $1.87 per
share in cash
Elevate to become a private company upon
completion of the transaction
Elevate Credit, Inc. (“Elevate” or the “Company”), a leading
tech-enabled provider of innovative and responsible online credit
solutions for non-prime consumers, today announced it has entered
into a definitive agreement to be acquired by an affiliate of Park
Cities Asset Management LLC (“Park Cities”), an alternative asset
manager focused on providing flexible debt solutions.
Park Cities will acquire Elevate for $1.87 per share in an
all-cash transaction at an implied value of $67 million. Pursuant
to the terms of the merger agreement, 7% of shares and shares
underlying equity awards held by certain members of Elevate
management are permitted to rollover into equity of the acquiring
entity.
Founded in 2014, Elevate has reinvented non-prime credit with
online solutions that provide financial relief today, and help
people build a brighter financial future. The Company, along with
the banks that license its technology, has originated more than $10
billion in credit to nearly 3 million non-prime consumers.
Park Cities brings decades of experience in consumer and
commercial lending, extensive corporate finance acumen and
significant operating experience that will allow Elevate to
continue to serve credit-constrained Americans. Park Cities has a
long relationship with Elevate and currently provides corporate
debt as well as financing for the Today Card product. Park Cities
is also based in Texas and intends to maintain Elevate’s
headquarters in Fort Worth, Texas.
“From the beginning, Elevate has strived to be the most trusted
and preferred alternative credit provider for the ‘New Middle
Class’—the more than 100 million credit constrained Americans,”
said Jason Harvison, Chief Executive Officer of Elevate. “I am
excited to build on our partnership with Park Cities and continue
our work as a leader and innovator in the non-prime market. I look
forward to working with the Park Cities leadership team and believe
the Company will greatly benefit from their expertise and
comprehensive understanding of the credit landscape.”
“Elevate fills a massive void in the lending market, both
through its suite of credit solutions and its powerful AI-driven
technology platform,” said Alex Dunev of Park Cities. “I am
confident that we can help advance the Company’s vision while it
maintains its commitment to serving the non-prime consumer.”
Transaction Details
The transaction, which was approved by the Elevate Board of
Directors by the unanimous vote of those voting, is expected to
close in the 1st Quarter of 2023, subject to customary closing
conditions, including approval by Elevate shareholders and receipt
of regulatory approvals.
Upon completion of the transaction, Elevate’s shares will no
longer trade on the New York Stock Exchange and Elevate will become
a private company. The Company will continue to operate under the
Elevate name and brand.
Advisors
Morgan Stanley & Co. LLC is serving as financial advisor to
Elevate, and Morrison & Foerster LLP is acting as legal
counsel.
Haynes and Boone LLP, Wick Phillips Gould & Martin LLP, and
Husch Blackwell LLP are acting as legal counsel for Park
Cities.
About Elevate
Elevate (NYSE: ELVT), together with the banks that license its
marketing and technology services, has originated $10.0 billion in
non-prime credit to more than 2.7 million non-prime consumers to
date. Its responsible, tech-enabled online credit solutions provide
immediate relief to customers today and help them build a brighter
financial future. The Company is committed to rewarding borrowers’
good financial behavior with features like interest rates that can
go down over time, free financial training and free credit
monitoring. Elevate’s platform powers a suite of groundbreaking
credit products includes RISE, Elastic, Today Card and Swell. For
more information, please visit http://corporate.elevate.com.
About Park Cities Asset Management
Park Cities Asset Management LLC is an alternative asset manager
focused on deploying capital across asset classes in the Specialty
Finance and FinTech sectors. Park Cities and its predecessor firm
have been investing for over a decade and is led by Alex Dunev and
Andy Thomas. Park Cities provides investment advice through its SEC
Registered Investment Advisor, Park Cities Advisors LLC. For more
information about Park Cities, please visit
www.parkcitiesmgmt.com.
Source: Elevate Credit, Inc.
Additional Information about the Acquisition and Where to
Find It
This communication is being made in respect of the proposed
transaction involving Elevate and Park Cities. A meeting of the
stockholders of Elevate will be announced as promptly as
practicable to seek stockholder approval in connection with the
proposed Merger. Elevate expects to file with the SEC a proxy
statement and other relevant documents in connection with the
proposed Merger. The definitive proxy statement will be sent or
given to the stockholders of Elevate and will contain important
information about the proposed Merger and related matters.
STOCKHOLDERS OF ELEVATE ARE URGED TO READ THE DEFINITIVE PROXY
STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT ELEVATE AND THE MERGER. Investors may
obtain a free copy of these materials (when they are available) and
other documents filed by Elevate with the SEC at the SEC’s website
at www.sec.gov.
Elevate and certain of its directors, executive officers and
other members of management and employees may be deemed to be
participants in soliciting proxies from its stockholders in
connection with the Merger. Information regarding the persons who
may, under the rules of the SEC, be considered to be participants
in the solicitation of Elevate’s stockholders in connection with
the proposed transaction will be set forth in Elevate’s definitive
proxy statement for its stockholder meeting at which the proposed
transaction will be submitted for approval by Elevate’s
stockholders. You may also find additional information about
Elevate’s directors and executive officers in Elevate’s definitive
proxy statement for its 2022 Annual Meeting of Stockholders, which
was filed with the SEC on April 5, 2022, and in subsequently filed
Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains certain forward-looking statements
concerning Elevate and the proposed transaction between Elevate and
Park Cities. All statements other than statements of fact,
including information concerning future results, are
forward-looking statements. These forward-looking statements are
generally identified by the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “could” or similar
expressions. Such forward-looking statements include, but are not
limited to, the inability to obtain required regulatory approvals
or satisfy other conditions to the closing of the proposed
transaction; unexpected costs, liabilities or delays in connection
with the proposed transaction; the occurrence of any event, change
or other circumstances that could give rise to the termination of
the transaction; the significant transaction costs associated with
the proposed transaction and other risks that may imperil the
consummation of the proposed transaction, which may result in the
transaction not being consummated within the expected time period
or at all; negative effects of the announcement, pendency or
consummation of the transaction on the market price of Elevate’s
common stock or operating results, including as a result of changes
in key customer, supplier, employee or other business
relationships; the risk of litigation or regulatory actions; the
inability of Elevate to retain and hire key personnel; and the risk
that certain contractual restrictions contained in the business
combination agreement during the pendency of the proposed
transaction could adversely affect Elevate’s ability to pursue
business opportunities or strategic transactions.
Forward-looking statements are based on current expectations and
assumptions, which are subject to risks and uncertainties that may
cause actual results to differ materially from those expressed in
or implied by such forward-looking statements. Given these risks
and uncertainties, persons reading this communication are cautioned
not to place undue reliance on such forward-looking statements.
Elevate assumes no obligation to update or revise the information
contained in this communication (whether as a result of new
information, future events or otherwise), except as required by
applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221116006003/en/
For Elevate:
Investor Relations: Solebury Strategic Communications Sloan
Bohlen, 817-928-1646 investors@elevate.com
or
Media Inquiries: Solebury Strategic Communications Laurie
Steinberg, 845-558-6370 lsteinberg@soleburystrat.com
For Park Cities Asset
Management:
Media Inquiries: Clay Huffstutter, 469-262-2103
chuffstutter@parkcitiesmgmt.com
Elevate Credit (NYSE:ELVT)
過去 株価チャート
から 11 2024 まで 12 2024
Elevate Credit (NYSE:ELVT)
過去 株価チャート
から 12 2023 まで 12 2024
