# EDGAR Filing Document

**Accession Number:** 0001651094
**File Stem:** 0001193125-23-053821
**Filing Date:** 2023-2
**Character Count:** 22367
**Document Hash:** b263fad1219a17b36df68c4e369171e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-053821.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-053821

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevate Credit, Inc.
- **CENTRAL INDEX KEY:** 0001651094
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **IRS NUMBER:** 464714474
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37680
- **FILM NUMBER:** 23685179

**BUSINESS ADDRESS:**
- **STREET 1:** 4150 INTERNATIONAL PLAZA
- **STREET 2:** SUITE 300
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76109
- **BUSINESS PHONE:** 817-928-1500

**MAIL ADDRESS:**
- **STREET 1:** 4150 INTERNATIONAL PLAZA
- **STREET 2:** SUITE 300
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76109

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 28, 2023

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## Elevate Credit, Inc.

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37680** | **46-4714474** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 4150 International Plaza, Suite 300

#### Fort Worth, Texas 76109

#### (Address of principal executive offices, including zip code)
(817) 928-1500 (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, par value $0.0004 per share | ELVT | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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*Introductory Note* 

This Current Report on Form 8-K is being filed in connection with the completion on February 28, 2023 (the "Closing Date") of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of November 16, 2022 (the "Merger Agreement"), by and among Elevate Credit, Inc, a Delaware corporation (the "Company"), PCAM Acquisition Corp., a Delaware corporation ("Parent"), and PCAM Merger Sub Corp., a Delaware corporation and a direct, wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which Merger Sub merged with and into the Company (the "Merger"), with the Company surviving the Merger as a wholly owned subsidiary of Parent.

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| | |
|:---|:---|
| **Item 2.01.** | **Completion of Acquisition or Disposition of Assets.**  |

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The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference in this Item 2.01.

Pursuant to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each of the Company's issued and outstanding shares of common stock, par value $0.0004 per share ("Common Stock"), was converted automatically at the Effective Time into the right to receive an amount in cash equal to $1.87, without interest and less any applicable withholding taxes (the "Merger Consideration"), other than shares of Common Stock owned by Parent, Merger Sub or the Company (as treasury stock or otherwise) or any of their respective wholly owned subsidiaries.

Pursuant to the Merger Agreement, except as described below with respect to Rolled Company RSU Awards, each outstanding restricted stock unit ("RSU") and each outstanding option to purchase shares of Common Stock granted by the Company (each, an "option") was cancelled and converted into the right to receive cash in an amount (the "Award Consideration") equal to the product of (1) the Merger Consideration (in the case of any option, less the exercise price per share applicable to such option) multiplied by (2) the number of shares of Common Stock subject to such RSU or option. Since all outstanding options had an exercise price per share equal to or greater than the Merger Consideration at the Effective Time, all outstanding options were cancelled at the Effective Time without any cash payment or other consideration made.

In connection with the Merger, certain members of management rolled over a specified number of their outstanding shares of Common Stock (the "Rollover Shares") and/or RSUs ("Rolled Company RSU Awards") into equity of Parent. In particular, (1) the Rollover Shares were not converted into the right to receive the Merger Consideration, but instead were contributed to Parent immediately prior to the Effective Time in exchange for Parent equity, pursuant to a rollover and contribution agreement, the form of which is attached hereto as Exhibit 10.1 (the "Rollover Agreement"), and (2) the Rolled Company RSU Awards were not converted into the right to receive the Award Consideration, but instead were replaced with awards granted by Parent under its long term incentive plan, pursuant to restrictive stock unit rollover agreements entered into between holders of the Rolled Company RSU Awards and Parent. Members of Company management rolled over 156,355 shares of common stock beneficially owned, as well as 2,070,992 outstanding RSU awards at the Effective Time.

The total cash consideration paid to equityholders of the Company pursuant to the Merger Agreement was approximately $63.0 million.

The foregoing description of the Merger, the Merger Agreement and the Rollover Agreement and the related transactions contemplated thereby, do not purport to be complete and is subject to, and qualified in their entirety by reference to, the full text of the Merger Agreement and the Rollover Agreement, which are filed as Exhibit 2.1 and 10.1 hereto and are incorporated herein by reference.

A copy of the press release issued by the Company on the Closing Date announcing the completion of the Merger is filed herewith as Exhibit 99.1 and is incorporated by reference into this Item 2.01.

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| | |
|:---|:---|
| **Item 3.01.** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**  |

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The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference in this Item 3.01.

On the Closing Date, in connection with the closing of the Merger, the Company notified the New York Stock Exchange ("NYSE") that the Merger had been consummated and requested that the trading of its Common Stock on NYSE be suspended and that the listing of its shares on NYSE be withdrawn. The trading in shares of Common Stock on NYSE was halted prior to the opening of trading on the Closing Date. The Company requested the NYSE file with the Securities and Exchange Commission (the "SEC") a notification of removal from listing and registration on Form 25 with the SEC to effect the delisting of the shares of Common Stock from the NYSE and the deregistration of the shares of Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends to file with the SEC a Form 15 suspending the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act.

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| | |
|:---|:---|
| **Item 3.03.** | **Material Modification to Rights of Security Holders.**  |

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The information set forth in the Introductory Note and under Item 2.01, Item 3.01, Item 5.01 and Item 5.03 of this Current Report on Form 8-K is incorporated by reference in this Item 3.03.

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| | |
|:---|:---|
| **Item 5.01.** | **Changes in Control of Registrant.**  |

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The information set forth in the Introductory Note and under Item 2.01, Item 3.03, Item 5.02 and Item 5.03 of this Current Report on Form 8-K is incorporated by reference in this Item 5.01.

As a result of the Merger, a change in control of the Company occurred, and the Company is now a wholly owned subsidiary of Parent.

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| | |
|:---|:---|
| **Item 5.02.** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

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The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference in this Item 5.02.

In connection with the consummation of the Merger, as contemplated by the Merger Agreement (and not because of any disagreement with the Company), each of Jesse K. Bray, Stephen B. Galasso, Tyler Head, Michael Pugh, Manuel Sanchez Rodriguez, Saundra D. Schrock, and Bradley R. Strock resigned from his or her respective position as a member of the board of directors of the Company, and any committee thereof, effective as of the Effective Time (as defined in the Merger Agreement).

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| | |
|:---|:---|
| **Item 5.03.** | **Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year.**  |

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At the Effective Time, the Company's Second Amended and Restated Certificate of Incorporation was amended and restated in its entirety in accordance with the terms of the Merger Agreement.

A copy of the Third Amended and Restated Certificate of Incorporation of the Company is filed as Exhibit 3.1 hereto, which is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

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On February 28, 2023, the Company issued a press release announcing the completion of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 8.01 by reference.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d) *Exhibits.*

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| | |
|:---|:---|
| Exhibit<br> No. | Description of Exhibit |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1\* | [Agreement and Plan of Merger, dated as of November 16, 2022, by and among Elevate Credit, Inc., PCAM Acquisition Corp., and PCAM Merger Sub Corp.](http://www.sec.gov/Archives/edgar/data/1651094/000119312522286880/d400170dex21.htm) (Incorporated herein by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Company on November 16, 2022). |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Third Amended and Restated Certificate of Incorporation of Elevate Credit, Inc.](d302583dex31.htm) |
| 10.1\* | [Form of Rollover and Contribution Agreement](http://www.sec.gov/Archives/edgar/data/1651094/000119312522286880/d400170dex101.htm) (Incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on November 16, 2022). |
| 99.1 | [Press Release of Elevate Credit, Inc. dated February 28, 2023.](d302583dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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\* Pursuant to Item 601(b)(2) of Regulation S-K, the schedules to these exhibits have been omitted and Elevate Credit, Inc. agrees to furnish supplementally a copy of any such omitted schedules to the SEC upon request.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Elevate Credit, Inc.** | **Elevate Credit, Inc.** |
| Dated: February 28, 2023 |  |  |
|  | By: | /s/ Steven A. Trussell |
|  |  | Steven A. Trussell |
|  |  | Chief Financial Officer |

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## Exhibit 3.1

**Exhibit 3.1** 

**THIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION** 

**OF** 

**<u>ELEVATE CREDIT, INC.</u>**

1. The name of the corporation is Elevate Credit, Inc. (the "Corporation").

2. The address of the registered office of the Corporation in the State of Delaware is 108 Lakeland Ave., Kent County, Dover, Delaware 19901. The name of the registered agent of the Corporation at such address is Capital Services, Inc.

3. The nature of the business or purposes to be conducted or promoted by the Corporation is to engage in any lawful act or activity for which corporations may be organized under the DGCL.

4. The total number of shares of stock which the Corporation is authorized to issue is Five Thousand (5,000) shares. All shares shall be Common Stock par value $0.001 per share and are to be of one class.

5. The Corporation is to have perpetual existence.

6. In furtherance and not in limitation of the powers conferred by statute, the board of directors of the Corporation is expressly authorized to make, adopt, alter, amend or repeal the By-laws of the corporation.

7. Meetings of the stockholders may be held within or without the State of Delaware, as the By-laws may provide. The books of the Corporation may be kept (subject to any provision contained in the DGCL) outside the State of Delaware at such place or places as may be designated from time to time by the board of directors of the Corporation or in the By-laws of the Corporation. Elections of directors of the Corporation need not be by written ballot unless the By-laws of the Corporation shall so provide.

8. The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by the DGCL, and all rights conferred upon stockholders herein are granted subject to this reservation.

9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To the fullest extent permitted by the DGCL, as it presently exists or may hereafter be amended from time to time, no current or former director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Corporation shall indemnify, to the fullest extent permitted by applicable law, any current or former director or officer of the Corporation who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding") by reason of the fact that he or she is or was a director, officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any such Proceeding; provided, however, that the Corporation shall be required to indemnify a person in connection with a Proceeding initiated by such person (other than a Proceeding to enforce rights to indemnification granted by the Corporation hereunder or elsewhere) only if the Proceeding was authorized by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Corporation shall have the power to indemnify, to the fullest extent permitted by applicable law, any employee or agent of the Corporation who was or is a party or is threatened to be made a party to any Proceeding by reason of the fact that he or she is or was a director, officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Neither any amendment nor repeal of this Section 9, nor the adoption of any provision of this Certificate of Incorporation inconsistent with this Section 9, shall eliminate or reduce the effect of this Section 9 in respect of any matter occurring, or any cause of action, suit or proceeding accruing or arising or that, but for this Section 9, would accrue or arise, prior to such amendment, repeal or adoption of an inconsistent provision.

## Exhibit 99.1

**Exhibit 99.1** 

**Park Cities Asset Management Completes Acquisition of Elevate** 

FORT WORTH, Texas– <u>Elevate Credit, Inc.</u> ("Elevate" or the "Company"), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced the completion of its acquisition by Park Cities Asset Management LLC ("Park Cities"), an alternative asset manager focused on providing flexible capital solutions. Park Cities acquired Elevate for $1.87 per share in an all-cash transaction at an implied value of $67 million.

"Elevate is pleased to join Park Cities as we embark on an exciting new chapter, one that will allow us to better serve our customers and drive innovation within our business," said Jason Harvison, Chief Executive Officer of Elevate. "I want to express my gratitude to our employees, partners, and shareholders for their support throughout this process. We look forward to the bright future ahead as we focus on continuing to offer dynamic credit solutions that can provide immediate relief to non-prime consumers."

"We are thrilled to add Elevate to our portfolio as we see a promising growth opportunity for the company over the long term," said Alex Dunev, Managing Partner of Park Cities. "We look forward to working with the Elevate leadership team to leverage our combined knowledge of the consumer lending space and execute on a shared vision to make Elevate the market leader for credit-constrained Americans."

With the completion of the transaction, Elevate shares have ceased trading and once the delisting application becomes effective with the SEC, will no longer be listed on the New York Stock Exchange. The Company will continue to operate under the Elevate name and brand.

Morgan Stanley & Co. LLC served as financial advisor to Elevate, and Morrison & Foerster LLP acted as legal counsel.

Haynes and Boone LLP, Wick Phillips Gould & Martin LLP, and Husch Blackwell LLP acted as legal counsel for Park Cities.

**About Elevate** 

Elevate, together with the banks that license its marketing and technology services, has originated $10.0 billion in non-prime credit to more than 2.7 million non-prime consumers to date. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers' good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate's platform powers a suite of groundbreaking credit products includes RISE, Elastic, Today Card and Swell. For more information, please visit http://corporate.elevate.com.

**About Park Cities Asset Management** 

Park Cities Asset Management, LLC is an alternative credit manager focused on deploying capital across asset classes in the Specialty Finance and FinTech sectors. Park Cities and its predecessor firm have been investing for over a decade and is led by Alex Dunev and Andy Thomas.

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Contacts:

**<u>For Elevate</u>:** 

Investor Relations:

Solebury Strategic Communications

Sloan Bohlen, 817-928-1646

investors@elevate.com

or

Media Inquiries:

Solebury Strategic Communications

Laurie Steinberg, 845-558-6370

<u>lsteinberg@soleburystrat.com</u> 

**<u>For Park Cities Asset Management</u>**:

Media Inquiries:

Clay Huffstutter, 469-249-1000

<u>IR@parkcitiesmgmt.com</u> 

Source: Elevate Credit, Inc.