JONESBORO, Ga.--(BUSINESS WIRE)--
CCF Holding Company (OTCPK: CCFH) (the “Company”), the holding company
for Heritage Bank, today announced that the Company has closed on its
previously announced investment transaction with Kenneth R. Lehman, a
private investor, in which the Company issued approximately 11.4 million
shares of common stock to Mr. Lehman for aggregate gross proceeds of
approximately $16.0 million.
In connection with the investment transaction, the Company also closed
on its offer to purchase for cash up to all of its 16,000,000
outstanding warrants for $0.90 per warrant (the “tender offer”), and its
offer to exchange each outstanding share of its Series A Preferred Stock
for 714 newly issued shares of common stock (the “exchange offer”).
Warrantholders tendered a total of 7,133,000 warrants for repurchase by
the Company in the tender offer, and preferredholders tendered a total
of 5,505 shares of Series A Preferred Stock in exchange for a total of
3,930,570 shares of common stock in the exchange offer. Any shares of
Series A Preferred Stock that were not exchanged for shares of the
Company’s common stock in the exchange offer were redeemed by the
Company effective August 23, 2017, for a cash payment of $1,000 per
share, in accordance with the terms of the Series A Preferred Stock and
the Company’s Notice of Redemption. Following the closing of the above
transactions, other than with respect to equity rights granted under
management incentive plans, the Company has no shares of preferred stock
outstanding, 20,664,681 shares of common stock outstanding, and warrants
to purchase 8,867,000 shares of common stock for $0.50 per share.
About CCF Holding Company
With $448 million in total assets as of June 30, 2017, CCF Holding
Company, through its wholly-owned subsidiary, Heritage Bank, offers a
broad range of financial services through its six branches in Clayton,
Henry, and Fayette counties in Georgia.
The Company’s common stock trades on the OTC Pink Sheets under the
symbol “CCFH.”
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CCF Holding Company
Leonard Moreland, 770-478-8881
Chief
Executive Officer
Source: CCF Holding Company