Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equit y Securities and Use of Proceeds.
On February 3, 2022, we purchased a majority ownership interest in Sterling Commercial Credit, LLC (“SCC”), a provider of asset-based loans to middle market companies throughout the United States. The aggregate purchase price was approximately $7.54 million, which consisted of $4.94 million in cash and 117,117 shares of the Company’s common stock issued at net asset value for aggregate consideration of $2.60 million. In connection with the acquisition, we also provided subordinated debt to SCC. Our common stock was issued in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.
Item 3. Defaults Upo n Senior Securities.
Not applicable.
Item 4. Mine Saf ety Disclosures.
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.