Document and Entity Information
Document and Entity Information | May 15, 2024 |
Cover [Abstract] | |
Document Type | 8-K/A |
Amendment Flag | true |
Document Period End Date | May 15, 2024 |
Entity Registrant Name | NICHOLAS FINANCIAL, INC. |
Entity Central Index Key | 0001000045 |
Entity Incorporation, State or Country Code | DE |
Securities Act File Number | 0-26680 |
Entity Tax Identification Number | 59-2506879 |
Entity Address, Address Line One | 26133 US Hwy 19 North |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Clearwater |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33763 |
City Area Code | 727 |
Local Phone Number | 726-0763 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | NICK |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Description | On June 15, 2024, Nicholas Financial, Inc. (the “Company”) closed the Share Purchase Agreement to acquire (the “Acquisition”) a majority ownership interest in Amplex Electric, Inc. ("Amplex”), which the sellers have agreed to sell, and the Company has agreed to purchase, 51% of the issued and outstanding common shares, no par value per share, of Amplex for a total purchase consideration of $18.4 million, which was paid in cash pursuant to the terms and conditions of the Share Purchase Agreement dated as of June 15, 2024. In conjunction with the closing of the Amplex Acquisition, the Company converted the outstanding principal and accrued interest of approximately $0.8 million under the Term Loan Advances into 421 shares of Amplex common stock at the share purchase price of $1,792.55 and purchased an additional 1,674 shares of Amplex common stock at a price of $1,792.55 per share for a total of $3.0 million. These transactions concurrently executed at the Transaction Closing Date increased the Company's ownership in Amplex to 56.5%. This Current Report on Form 8-K/A amends Item 9.01 of the Current Report on Form 8-K filed by the Company on May 6, 2024 to include the historical financial statements of Amplex and the pro forma financial information required by Item 9.01 of Form 8-K, attached hereto as Exhibits 99.1, 99.2 and 99.3. The pro forma financial information included in this Form 8- K/A has been presented for informational purposes only, as required by Form 8-K. It does not purport to represent the actual results of operations that the Company and Amplex would have achieved had the companies been combined during the periods presented in the pro forma financial information and is not intended to project the future results of operations that the combined company may achieve as a result of the Company’s acquisition of Amplex. Except as described above, all other information in the Company’s Current Report on Form 8-K filed on May 6, 2024 remains unchanged. |