Elevate Credit announced that independent proxy advisory firms Institutional Shareholder Services Inc., or "ISS," and Glass, Lewis & Co. have each recommended that stockholders vote "for" the previously announced all-cash acquisition of the company by an affiliate of Park Cities Asset Management at the company’s upcoming special meeting of stockholders scheduled for February 15. As previously announced, the company and an affiliate of Park Cities have entered into a definitive merger agreement pursuant to which each outstanding share of common stock of the company, other than certain shares as set forth in the merger agreement, will be converted into the right to receive $1.87 per share. The all-cash transaction values the equity of the company at approximately $67M, inclusive of the equity expected to be rolled over in the transaction by certain members of management. The transaction, which was approved by the Elevate board of directors, is expected to close in the first quarter of 2023, subject to closing conditions specified in the merger agreement. All regulatory approvals required as conditions to the proposed merger have been obtained, Elevate said.
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