Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On September 29, 2020, Asta Finance Acquisition Sub Inc. ("Merger Sub"), a
Delaware corporation and wholly-owned subsidiary of Asta Finance Acquisition
Inc. ("Parent"), a Delaware corporation, merged with and into Asta Funding, Inc.
(the "Company"), a Delaware corporation, with the Company continuing as the
surviving corporation (the "Merger"), pursuant to the previously announced
Agreement and Plan of Merger, dated as of April 8, 2020, and as amended on June
25, 2020 (the "Merger Agreement"), by and among the Company, Parent and Merger
Sub. As a result of the Merger, the Company became a wholly-owned subsidiary of
Parent. The separate corporate existence of Merger Sub ceased at the effective
time of the Merger (the "Effective Time").
At the Effective Time, in accordance with the Merger Agreement, the directors of
Merger Sub became the directors of the Company. Gary Stern was the sole director
of Merger Sub prior to the Effective Time, and therefore, at the Effective Time,
Louis A. Piccolo, David Slackman, Timothy Bishop and Mike Monteleone ceased to
be directors of the Company.
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