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GREAT ELM CAPITAL CORPORATION

(GECC)
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GREAT ELM CAPITAL CORP. : Unregistered Sale of Equity Securities, Other Events, Financial Statements and Exhibits (form 8-K)

09/20/2021 | 04:07pm EDT

Item 3.02 Unregistered Sales of Equity Securities.

On September 20, 2021, Great Elm Capital Corp. (the "Company") entered into a Membership Interest Purchase Agreement with Lenders Funding, LLC ("LF"), pursuant to which the Company acquired a majority equity interest in LF, a wholesale lending and participant funding business. At the closing: (i) the Company paid $7.25 million in cash to LF, $3.25 million of which was used to purchase 833,333 newly issued shares of the Company's common stock at net asset value and (ii) the Company issued 2,564,103 shares of the Company's common stock to LF at net asset value in exchange for a promissory note in aggregate principal amount of $10.0 million payable by LF to the Company. All of the proceeds from the transaction were retained by LF to support the growth of the business.

The issuance of the shares was a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

Item 8.01 Other Events.

On September 20, 2021, the Company issued a press release in connection with the closing of the acquisition. A copy of the press release is filed as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.


(d) Exhibits.



Exhibit
Number    Description
99.1        Press Release, dated September 20, 2021.




                                      -2-

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© Edgar Online, source Glimpses

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