Nicholas Financial, Inc. entered into a Share Purchase Agreement to acquire 51% stake in Amplex Electric Inc. from Mark R. Radabaugh, Dale B. Beckmann for $37.5 million.

Nicholas Financial, Inc. (NasdaqGS:NICK) entered into a Share Purchase Agreement to acquire 51% stake in Amplex Electric Inc. from Mark R. Radabaugh, Dale B. Beckmann for $37.5 million on May 1, 2024. The transaction values Amplex at approximately $37.5 million through a cash purchase and conversion of debt. The transaction will be fully funded with the Company?s available cash on hand and the Company will not require external financing to fund the transaction.

The closing of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to occur in the third calendar quarter of 2024. Anthony D. Scioli and James C. Creigh of Kutak Rock LLP acted as a legal advisor to Nicholas Financial, Inc. Amy Fliam of Wilkinson Barker Knauer, LLP acted as a legal advisor to Amplex Electric Inc.