On January 6, 2017, Mangrove Partners announced that it has entered into a settlement agreement with Asta Funding, Inc. Mangrove Partners stated that pursuant to the settlement agreement, the Company agreed to commence a tender offer within 10 business days to repurchase no less than 5,314,009 shares its common stock at a price of $10.35 per share in cash, subject to certain conditions. Mangrove Partners also stated that the Tender Offer will expire no later than February 28, 2017. Further, Mangrove Partners stated that pursuant to the settlement agreement, it has agreed to tender all its shares of common stock in the Tender Offer, and the Stern Family has agreed to not tender any of their shares. In addition, Mangrove Partners stated that the Company agreed to amend its amended and restated By-laws to add a new provision which requires that at least one-half of the members of its Board of Directors consist of independent directors and that a lead independent director will be elected from among the independent directors, who shall perform certain functions as stated therein.