Medallion Financial Enters Material Definitive Agreement

TL;DR

**Medallion Financial just signed a big deal, expect potential financial shifts.**

AI Summary

Medallion Financial Corp. filed an 8-K on February 29, 2024, reporting an event on February 28, 2024, concerning an 'Entry into a Material Definitive Agreement' and 'Financial Statements and Exhibits'. The company, incorporated in Delaware with IRS number 04-3291176, is headquartered at 437 Madison Avenue, 38th Floor, New York, NY 10022. This filing indicates a significant new agreement that could impact its financial position.

Why It Matters

A material definitive agreement can significantly alter a company's operations, financial health, or strategic direction, potentially impacting its stock price and future performance.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement without disclosing details, creating uncertainty about its financial implications.

Key Numbers

• 001-37747 — Commission File Number (SEC identification for the registrant)
• 04-3291176 — IRS Employer Identification No. (Tax identification for the registrant)
• 20240228 — Conformed Period of Report (The period to which the report pertains)

Key Players & Entities

• MEDALLION FINANCIAL CORP. (company) — Registrant
• Delaware (company) — State of incorporation
• February 28, 2024 (date) — Date of earliest event reported
• February 29, 2024 (date) — Filing date
• 001-37747 (dollar_amount) — Commission File Number

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share MFIN NASDAQ Global Select
• $18,500,000 — orm of debentures in an amount equal to $18,500,000 (the "Commitment") to Medallion Capital
• $185,000 — the SBA a leverage fee in the amount of $185,000. The remaining portion of the leverage
• $370,000 — on of the leverage fee in the amount of $370,000 will be deducted pro rata as Medallion

Filing Documents

• mfin-20240228.htm (8-K) — 37KB
• mfin-ex10_1.htm (EX-10.1) — 20KB
• img38303206_0.jpg (GRAPHIC) — 27KB
• 0000950170-24-023132.txt ( ) — 215KB
• mfin-20240228.xsd (EX-101.SCH) — 30KB
• mfin-20240228_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On February 28, 2024, the Small Business Administration committed to reserve leverage in the form of debentures in an amount equal to $18,500,000 (the "Commitment") to Medallion Capital, Inc. ("Medallion Capital"), a wholly-owned subsidiary of Medallion Financial Corp. (the "Company"). Medallion Capital accepted the Commitment on February 28, 2024 and paid to the SBA a leverage fee in the amount of $185,000. The remaining portion of the leverage fee in the amount of $370,000 will be deducted pro rata as Medallion Capital draws from the Commitment proceeds. Medallion Capital can draw from the Commitment proceeds, in whole or in part, until September 30, 2028, the Commitment's termination date. The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Commitment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits The following exhibits are being filed with this Current Report on Form 8-K: 10.1 Commitment Letter, dated February 28, 2024, by the Small Business Administration to Medallion Capital, Inc., accepted and agreed to by Medallion Capital, Inc. on February 28, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 SIGNATURE 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. Dated: February 29, 2024 MEDALLION FINANCIAL CORP. By: /s/ Anthony N. Cutrone Name: Anthony N. Cutrone Title: Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR