CION Investment Corp to Acquire Landmark Financial Services Assets
Ticker: CICB · Form: 8-K · Filed: Jun 12, 2024 · CIK: 1534254
| Field | Detail |
|---|---|
| Company | Cion Investment Corp (CICB) |
| Form Type | 8-K |
| Filed Date | Jun 12, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $0.05 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, assets, expansion
TL;DR
CION buying Landmark Financial for $15M cash, closing Q3.
AI Summary
CION Investment Corp. announced on June 11, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets of Landmark Financial Services, Inc. The transaction is expected to close in the third quarter of 2024 and is valued at approximately $15.0 million in cash.
Why It Matters
This acquisition is expected to expand CION's service offerings and market reach, potentially leading to increased revenue and profitability.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions and regulatory approvals, which introduces some uncertainty.
Key Numbers
- $15.0 million — Acquisition Price (Cash consideration for Landmark Financial Services assets)
- Q3 2024 — Expected Closing (Anticipated timeframe for the transaction to be finalized)
Key Players & Entities
- CION Investment Corp. (company) — Registrant
- Landmark Financial Services, Inc. (company) — Target of acquisition
- $15.0 million (dollar_amount) — Acquisition price
- June 11, 2024 (date) — Date of agreement
- third quarter of 2024 (date) — Expected closing period
FAQ
What specific assets are included in the acquisition from Landmark Financial Services, Inc.?
The filing states that CION Investment Corp. is acquiring "substantially all of the assets" of Landmark Financial Services, Inc., but does not provide a detailed list of these specific assets.
What is the exact closing date for the acquisition?
The filing indicates that the transaction is expected to close in the third quarter of 2024, but does not provide a specific closing date.
Are there any financing arrangements for the $15.0 million acquisition?
The filing mentions the acquisition is for $15.0 million in cash but does not detail the source of these funds or any specific financing arrangements.
What are the key closing conditions for this transaction?
The filing states the acquisition is subject to "customary closing conditions and regulatory approvals," but does not enumerate them specifically.
Will CION Investment Corp. assume any liabilities of Landmark Financial Services, Inc.?
The filing specifies the acquisition of "substantially all of the assets" and does not explicitly mention the assumption of liabilities.
Filing Stats: 626 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-06-12 08:30:33
Key Financial Figures
- $0.001 — ch registered Common stock, par value $0.001 per share CION The New York Stock E
- $0.05 — -year supplemental cash distribution of $0.05 per share for the period ending June 30
Filing Documents
- tm2416962d1_8k.htm (8-K) — 30KB
- tm2416962d1_ex99-1.htm (EX-99.1) — 9KB
- tm2416962d1_ex99-1img001.jpg (GRAPHIC) — 4KB
- 0001104659-24-070693.txt ( ) — 217KB
- cion-20240611.xsd (EX-101.SCH) — 3KB
- cion-20240611_lab.xml (EX-101.LAB) — 33KB
- cion-20240611_pre.xml (EX-101.PRE) — 22KB
- tm2416962d1_8k_htm.xml (XML) — 4KB
02. Results of Operations and Financial
Item 2.02. Results of Operations and Financial Condition. The board of directors (the "Board") of CON Investment Corporation ("CION") has delegated to CION's executive officers the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the Board on a quarterly basis. On June 11, 2024, CION's co-chief executive officers declared a mid-year supplemental cash distribution of $0.05 per share for the period ending June 30, 2024, payable on July 12, 2024 to shareholders of record as of June 28, 2024. A copy of the press release announcing the foregoing is attached hereto as Exhibit 99.1 and incorporated by reference herein. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being "furnished" and shall not be deemed "filed" by CION for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
01. Regulation
Item 7.01. Regulation FD Disclosure. The information in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. 99.1 Press Release dated June 12, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CON Investment Corporation Date: June 12, 2024 By: /s/ Michael A. Reisner Co-Chief Executive Officer EXHIBIT LIST EXHIBIT NUMBER DESCRIPTION 99.1 Press Release dated June 12, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).