This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Xponential, Inc. Announces Completion Of Asset Sale Of PawnMart, Inc.

DALLAS, Dec. 18, 2013 /PRNewswire/ -- Xponential, Inc. (OTC Bulletin Board: XPOI) announced that on December 13, 2013 it completed the sale of substantially all of the assets of PawnMart, Inc., its operating subsidiary ("PawnMart"), to Cash America, Inc. for $61 million

After payment (or making reasonable provision for payment) of all outstanding debt, taxes, legal and other expenses related to the consummation of the sale, and setting aside $5 million in escrow for future claims, the Board of Directors of Xponential approved effective as of December 20, 2013 the redemption of (i) Xponential's $20,000,000 8% Limited Recourse Secured Convertible Subordinated Notes due December 31, 2014 (approximately $21 million, inclusive of interest) and (ii) Xponential's Series A and Series B Preferred Stock at par plus accrued dividends (approximately $7.3 million).  

The Board of Directors also approved the dissolution of PawnMart, the Company and the distribution to the common stockholders of record as of December 31, 2013 of all remaining net proceeds from the sale, as such net proceeds become available. It is anticipated that the net proceeds will be distributed to such common stockholders in a series of distributions over a two year period, as remaining assets are liquidated and escrow proceeds are released, with the first of such distributions on or before January 15, 2014 in the approximate amount of $1.00 per share of common stock.

Robert Schleizer, Chief Financial Officer of Xponential, Inc. stated "we are very pleased with the results of our sale of PawnMart. We are also pleased to bring the operations of the Company to a successful conclusion with payment in full to our note holders a year prior to maturity, full redemption and payment of accrued distributions to our preferred stockholders and a return to our common stockholders as a result of the sale. We are working to liquidate the remaining real estate assets with the intent to completely wind down all operations and distribute the remaining funds held in escrow to the common stockholders in an orderly liquidation of the Company."

This release may contain forward-looking statements about the business, financial condition and prospects of Xponential, Inc. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this release speak only as of the date of this statement, and the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstance on which any such statement is based.  Certain factors that may affect the Company's future results are difficult to predict and many are beyond the control of the Company, but may include changes in regional, national or international economic conditions, the ability to maintain favorable banking relationships as it relates to short-term lending products, changes in governmental regulations, unforeseen litigation, changes in interest rates, changes in tax rates or policies, changes in gold prices, future business decisions, and other uncertainties.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs