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Nicholas Financial Announces Master Asset Purchase Agreement And Reports 2nd Quarter Fiscal Year 2024 Results

November 14, 2023– Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) (the "Company") today announced (i) the execution of a Master Asset Purchase Agreement (the “Purchase Agreement”) with Westlake Services, LLC dba Westlake Financial, a California limited liability company (“Westlake”), pursuant to which the Company has agreed to sell substantially all of the Company’s assets to Westlake and (ii) reported financial results for the quarter ended September 30, 2023.

On November 13, 2023, the Company and Nicholas Financial, Inc., a Florida corporation (“Nicholas”) and an indirect wholly-owned subsidiary of the Company, entered into the Purchase Agreement with Westlake, pursuant to which the Company and Nicholas have agreed to sell, and Westlake has agreed to purchase from the Company and Nicholas, substantially all of the Company’s and Nicholas’ assets, consisting of Nicholas’ motor vehicle retail installment sale contracts and unsecured consumer loan contracts (collectively, the “Contracts”) and the accounts receivable related to such Contracts (collectively, the
“Receivables”), for an aggregate purchase price of approximately $65.6 million or approximately $9.00 book value per share, subject to adjustment in accordance with the terms of the Purchase Agreement.

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