IEG HOLDINGS CORPORATION (OTCMKTS:IEGH) Files An 8-K Regulation FD DisclosureItem 7.01.
On August 1, 2017, IEG Holdings Corporation (“IEG Holdings”) issued a press release announcing that it had made the determination that it would terminate the offer (the “Offer”) by IEG Holdings to exchange four shares of IEG Holdings’ common stock, par value $0.001 per share, for each share of common stock, par value $0.01 per share, of LendingClub Corporation (“LendingClub”), up to an aggregate of 40,345,603 shares of LendingClub common stock, representing approximately 9.99% of LendingClub’s outstanding shares as of April 28, 2017, validly tendered and not properly withdrawn in the Offer. IEG Holdings filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 dated July 12, 2017, relating to the offer and sale of shares of IEG common stock that were to be issued to holders of LendingClub shares in the Offer (the “Registration Statement”), and a Tender Offer Statement on Schedule TO, originally filed with the SEC on July 12, 2017 (as amended thereafter, the “Schedule TO”).
Following the launch of the Offer, IEG Holdings’ per share stock price, as quoted on the OTCQB, dropped significantly. On August 1, 2017, due to the stock price drop, IEG Holdings determined that the Offer no longer had a reasonable chance of success and accordingly, IEG Holdings determined that it would terminate the Offer and withdraw the Registration Statement. Furthermore, IEG Holdings has no intention of launching the Offer or another tender offer in the near future. The Registration Statement was withdrawn on August 1, 2017. Any shares that have been tendered by LendingClub stockholders have not yet been accepted and will be returned to the relevant stockholders.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained in the website is not a part of this current report on Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description |
| 99.1 | Press release of IEG Holdings Corporation dated August 1, 2017. |
IEG Holdings Corp ExhibitEX-99.1 2 ex99-1.htm IEG Holdings Will Not Proceed with LendingClub Tender Offer Las Vegas,…To view the full exhibit click here
About IEG HOLDINGS CORPORATION (OTCMKTS:IEGH)
IEG Holdings Corporation is a consumer finance company. The Company is engaged in the business of providing unsecured consumer loans ranging from $2,000 to $10,000. The Company operates in Consumer Loans segment. It offers loans online under the consumer brand Mr. Amazing Loans through its Website and online application portal at www.mramazingloans.com. It has obtained additional state lending licenses, and are licensed and originating direct consumer loans in the states of Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Missouri, Nevada, New Jersey, New Mexico, Oregon, Pennsylvania, Texas, Utah and Virginia. It has approximately 80 loans in default representing over 4.81% of the number of loans in its active portfolio. Its subsidiaries include Investment Evolution Corporation, which holds state licenses, leases, employee contracts, and other operating and administrative expenses, and IEC SPV, LLC, which is a bankruptcy remote special purpose vehicle.
