Pathward Financial Inc.
09/30/2024 | Press release | Distributed by Public on 09/30/2024 06:01
Material Event Form 8 K
Item 8.01 Other Events.
On September 30, 2024, Pathward Financial, Inc. (the "Company"), AFS IBEX Financial Services, LLC ("Purchaser") and Honor Capital Holdings, LLC ("Guarantor") agreed to continue to work to consummate the closing of the previously announced sale of the Company's commercial insurance premium finance business to Purchaser through October 22, 2024, notwithstanding the October 1, 2024 outside mutual termination date under the previously announced Asset Purchase and Sale Agreement related to such sale, a copy of which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed on August 29, 2024.
The delay in the expected closing timing is primarily related to a longer than expected operational implementation timeline, which is expected to be completed in time to permit the transaction to be closed no later than October 22, 2024.
Forward-Looking Statements
This Current Report contains certain "forward-looking statements" which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available to us and assumptions about future events, and include statements with respect to the Company's beliefs, expectations, estimates, and intentions, which are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. Among other things, these forward-looking statements include expectations concerning the expected timetable for completing the Transaction. The Company's actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties. Specific factors that might cause such a difference include but are not limited to: uncertainty as to whether the Transaction will be completed in a timely manner or at all; the conditions precedent to completion of the Transaction; and risks of unexpected delays. We caution you not to place undue reliance on these forward-looking statements. The forward-looking statements included in this Current Report speak only as of the date hereof. Except as may be required by law, the Company does not undertake any obligation to make any revisions to the forward-looking statements contained in this Current Report or to update them to reflect events or circumstances occurring after the date of this Current Report. Additional discussions of risk factors affecting the Company's business and prospects are reflected in the Company's filings made with the Securities and Exchange Commission. Unless required by law, the Company expressly disclaims any intent or obligation to update, revise or clarify any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of the Company or its subsidiaries, whether as a result of new information, changed circumstances, or future events or for any other reason.