National Holdings Corporation (NASDAQ:NHLD) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02Termination of a Material Definitive
Agreement.
Termination of Asset Purchase Agreement
On March 10, 2017, National Holdings Corporation (the
Company) entered into an Asset Purchase Agreement (the
Purchase Agreement) with The Williams Financial Group,
Inc., WFG Investments, Inc., WFG Advisors, LP, WFG Strategic
Alliance, Inc., Advisory Marketing Services, LLC, and WFG
Management Services, Inc. (Sellers), for the purchase and
sale of certain specified properties and assets of the Sellers.
Among other things, the Purchase Agreement provided the Company
and Sellers with the option to terminate the Purchase Agreement
at any time prior to the closing.
On June 16, 2017, the Company and the Sellers executed a
termination letter (the Termination Letter) in accordance
with Section 9.13(a) of the Purchase Agreement. Accordingly, the
Purchase Agreement was terminated. The parties agreed in the
Termination Letter to mutually release each other and each of
their successors and assigns from and against (i) any and all
costs, damages, actions, proceedings, demands or claims
whatsoever that either of them now has or may hereafter have
against the other party hereto, by reason of or in connection
with the Purchase Agreement and (ii) any covenants or obligations
which by their terms expressly survive termination of the
Purchase Agreement. Notwithstanding the foregoing, the parties
rights and obligations under Sections 7(c) through 7(f) shall
remain in full force and effect.
The above description of the Purchase Agreement and Termination
Letter are summaries only and are qualified in their entirety by
reference to the copies filed with the commission. The Purchase
Agreement was filed as an exhibit to the Companys Current Report
on Form 8-K filed on March 13, 2017, and the Termination Letter
is attached hereto as Exhibit 10.1, both of which are
incorporated herein by reference.
Item 9.01.Financial Statements and
Exhibits.
(d)Exhibits.
The following exhibits are filed as part of this report:
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Exhibit Number |
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Description |
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10.1 |
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Termination of Asset Purchase Agreement, dated June 16, |
NATIONAL HOLDINGS CORP ExhibitEX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm Exhibit 10.1 June 16,…To view the full exhibit click here About National Holdings Corporation (NASDAQ:NHLD)
National Holdings Corporation (National) is a holding company. The Company’s segments include brokerage and advisory services, tax and accounting services, and corporate. Its brokerage and advisory services segment includes broker-dealer and investment advisory services, sale of insurance products and licensed mortgage brokerage services provided by the Broker-Dealer Subsidiaries, National Asset Management, Inc., National Insurance Corporation, Prime Financial Services and GC Capital Corporation. Its tax and accounting services segment includes tax preparation and accounting services provided by Gilman Ciocia, Inc. The Company, through its subsidiaries, provides various financial services. Through National’s broker-dealer and investment advisory subsidiaries, it offers retail brokerage to individual and institutional clients; provide investment banking, merger and acquisition and advisory services to micro, small and mid-cap companies and is engaged in trading securities.