Latest news with #Altisource
Yahoo
5 days ago
- Business
- Yahoo
Effect of Altisource 1-for-8 Share Consolidation on Publicly Traded Warrants
LUXEMBOURG, June 03, 2025 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. ('Altisource' or the 'Company') (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced that the effects of the recent consolidation of its shares of common stock (also known as a reverse stock split) at a ratio of 1-for-8 (the 'Share Consolidation') on its publicly traded warrants. As previously disclosed, the Share Consolidation became effective as of 12:01 a.m. CET on May 28, 2025, and Altisource's common stock, $0.01 par value per share ('Common Stock') began trading on The Nasdaq Global Select Market (the 'Nasdaq') on a Share Consolidation-adjusted basis at the opening of the market on May 28, 2025. Altisource previously announced the distribution of (i) warrants to purchase shares of Altisource's common stock ('Common Stock') requiring settlement through the cash payment to the Company of the exercise price (the 'Cash Exercise Stakeholder Warrants') and (ii) warrants to purchase Common Stock requiring settlement through the forfeiture of shares of Common Stock to the Company equal to the exercise price of such Warrants (the 'Net Settle Stakeholder Warrants', and together with the Cash Exercise Stakeholder Warrants, the 'Warrants' and each a 'Warrant'). The Cash Exercise Stakeholder Warrants trade on Nasdaq under the ticker 'ASPSZ', and the Net Settle Stakeholder Warrants trade on Nasdaq under the ticker 'ASPSW'. The Warrants were issued pursuant to a Warrant Agent Agreement, dated as of March 31, 2025 between the Company and Equiniti Trust Company, LLC, as Warrant Agent (the 'Warrant Agreement'). As a result of the Share Consolidation, (i) the Warrant Exercise Rate (as defined in the Warrant Agreement) has decreased from 1.625 to 0.20313 (approximately one-eighth the prior Warrant Exercise Rate) and (ii) the Implied Per Share Exercise Price (as defined in the Warrant Agreement) has increased from $1.20 to $9.5998 (approximately eight times $1.20). Effectively, this means instead of receiving 1.625 shares of Common Stock upon exercise of a Warrant and payment of the $1.95 exercise price, holders of warrants will now only receive 0.20313 of a share of Common Stock. In addition, the Implied Per Share Exercise Price (i.e., what a holder of Warrants is effectively paying per share of common stock upon exercise of a Warrant) has increased from $1.20 to $9.5998. As previously disclosed, the Warrants may be exercised beginning on the later of (i) July 2, 2025 and (ii) the first date on which the VWAP (as defined in the Warrant Agreement) of the Common Stock equals or exceeds the Implied Per Share Exercise Price of the Warrants, which is now $9.5998, for a period of fifteen consecutive Trading Days (as such term is defined in the Warrant Agreement). Upon exercise of Warrants, the Company will not issue fractional shares of Common Stock or pay cash in lieu thereof. If a Warrant holder would otherwise be entitled to receive fractional shares of Common Stock upon exercise of Warrants, the Company will first aggregate the total number of shares Common Stock a Warrant holder would receive upon exercise of the Cash Exercise Stakeholder Warrants or the Net Settle Stakeholder Warrants, as applicable, and then round down the total number of shares of Common Stock to be issued to the Warrant holder to the nearest whole number. In light of the decrease in the Warrant Exercise Rate to 0.20313, a Warrant holder would have to exercise at least five Warrants to receive one share of common stock. The forgoing summary of certain of the terms of the Warrants is not complete and is qualified in its entirety by reference to the Warrant Agreement, which was filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on April 2, 2025. About Altisource Altisource Portfolio Solutions S.A. is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at References to information included on, or accessible through, our website do not constitute incorporation by reference of the information contained at or available through our website, and you should not consider such information to be part of this press release. FOR FURTHER INFORMATION CONTACT: Michelle D. Esterman Chief Financial Officer T: (770) 612-7007 E: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
28-05-2025
- Business
- Business Insider
Altisource trading halted, news pending
19:50 EDT Altisource (ASPS) trading halted, news pending Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Associated Press
23-05-2025
- Business
- Associated Press
Altisource Shares to Be Consolidated at a Ratio of 1-for-8
LUXEMBOURG, May 23, 2025 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. ('Altisource' or the 'Company') (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced that it will effect a consolidation of its shares (also known as a reverse stock split) at a ratio of 1-for-8, effective as of 12:01 a.m. CET on May 28, 2025 (the 'Share Consolidation'). Altisource's common stock will begin trading on The Nasdaq Global Select Market on a Share Consolidation-adjusted basis at the opening of the market on May 28, 2025. Following the Share Consolidation, Altisource's common stock will continue to trade on The Nasdaq Global Select Market under the symbol 'ASPS' with the new CUSIP number, L0175J 138. The Share Consolidation is intended to allow Altisource to regain compliance with the minimum bid price requirement of $1.00 per share of common stock for continued listing on The Nasdaq Global Select Market. The Share Consolidation will not change the authorized number of shares of Altisource's common stock. No fractional shares will be issued or exchanged in connection with the Share Consolidation, and shareholders who would otherwise be entitled to receive a fractional share in connection with the Share Consolidation will instead receive a cash payment in lieu thereof equal to such fraction multiplied by the closing sales price of Altisource's common stock as reported on The Nasdaq Global Select Market on May 27, 2025. In addition, the Share Consolidation will apply to Altisource's common stock issuable (or deemed issuable, as applicable) upon the exercise or conversion, as applicable, of certain of Altisource's outstanding warrants and stock options, with proportionate adjustments to be made to the exercise prices thereof, in each case in accordance with the respective terms of such warrants and stock options (and the applicable equity incentive plan). The Share Consolidation will reduce the number of issued and outstanding shares of Altisource's common stock from approximately 88,951,925 to approximately 11,118,990. Altisource's board of directors approved the Share Consolidation on March 16, 2025. At Altisource's Extraordinary General Meeting of Shareholders held on May 13, 2025, Altisource's shareholders approved the Share Consolidation with effect as of May 28, 2025. Equiniti Trust Company, LLC is acting as the exchange agent for the Share Consolidation. Shareholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the Share Consolidation. Equiniti Trust Company, LLC will provide instructions to any shareholders with certificates regarding the process in connection with the exchange of pre-Share Consolidation stock certificates for ownership in book-entry form or stock certificates on a post-Share Consolidation basis. Shareholders that hold their Altisource common stock through a bank, broker or custodian are encouraged to contact their bank, broker or custodian with any procedural questions regarding the Share Consolidation. Forward-Looking Statements This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements include all statements that are not historical fact, including statements relating to the Share Consolidation, its expected effectiveness and timing, its impact on compliance with listing standards of The Nasdaq Global Select Market, the treatment of fractional shares, and related shareholder actions. These statements may be identified by words such as 'will', 'anticipate,' 'intend,' 'expect,' 'may,' 'could,' 'should,' 'would,' 'plan,' 'estimate,' 'seek,' 'believe,' 'potential' or 'continue' or the negative of these terms and comparable terminology. Such statements are based on expectations as to the future and are not statements of historical fact. Furthermore, forward-looking statements are not guarantees of future performance and involve a number of assumptions, risks, and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the Company's ability to effectuate the Share Consolidation in compliance with Luxembourg laws and regulations and the rules of The Nasdaq Stock Market LLC as well as the risks discussed in Item 1A of Part I 'Risk Factors' in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2025, as updated by the information in Item 1A of Part II 'Risk Factors' in our subsequently filed quarterly reports on Form 10-Q. We caution you not to place undue reliance on these forward-looking statements, which reflect our view only as of the date of this press release. We are under no obligation (and expressly disclaim any obligation) to update or alter any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. We undertake no obligation to update these statements as a result of a change in circumstances, new information, or future events, except as required by law. About Altisource Altisource Portfolio Solutions S.A. is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at FOR FURTHER INFORMATION CONTACT: Michelle D. Esterman Chief Financial Officer T: (770) 612-7007 E: [email protected]
RTHK
30-04-2025
- Business
- RTHK
US stocks rally as Trump tempers auto tariffs
Clio (Canada), CARET (US), Altisource (US), Aryza (Ireland), Stretto (US), Epiq (US), Kroll (US), Turnkey IPS (UK), QwikFile (US), Fastcase (US), CaseWare (Canada), Standard Legal (US), LegalPRO (US), PracticePanther (US), Smokeball (US), Litera (US). Insolvency Software Market by Offering (Solutions, Services), Organization Size (Large Enterprises, & SMEs), Application (Document Management, Financial Transaction Management, Reporting, Compliance, Creditor Management), Vertical – Global Forecast to 2028. The Insolvency Software market is expected to grow from USD 1.5 billion in 2023 to USD 2.4 billion by 2028, registering a compound annual growth rate (CAGR) of 10.4% during the forecast period. Government initiatives aimed at promoting digitalization across key sectors—particularly Banking, Financial Services, and Insurance (BFSI)—are expected to drive increased demand for insolvency software. As financial institutions undergo rapid digital transformation, there is a growing need for advanced tools that enable more efficient financial management. This includes the integration of chatbot-enabled financial services and mobile-based platforms, which are becoming standard components of the modern financial landscape. Download PDF Brochure@ Based on organization size, the SME segment is expected to grow with the highest CAGR during the forecast period SMEs are swiftly advancing toward cloud-based insolvency software solutions to achieve better operational productivity, considering the lower operating costs associated with these solutions. As the number of SMEs is increasing, the adoption of insolvency software solutions is expected also to increase. One of the main reasons expected to fuel the growth of the insolvency software market in the SME segment is the cost-saving benefit that can be achieved by deploying these solutions. The requirement for insolvency software solutions in SMEs arises from simplifying insolvency processes, ensuring compliance, and enhancing financial recovery cost-effectively and efficiently. Europe is expected to have the largest market size during the forecast period. Europe has been a global innovator. It is at the forefront of adopting insolvency software technologies and retail and financial services. The region has always depended on the stability and convenience of its well-established payment infrastructure. Europe has led the growth of Insolvency software solutions due to the presence of integrated software vendors that integrate business management capabilities. The widespread adoption of mobile devices, such as smartphones and tablets, and the need for convenient access to financial solutions has positively affected Europe's Insolvency software market growth. Request Sample Pages@ Unique Features in the Insolvency Software Market Insolvency software typically includes robust case management features that automate key workflows, such as tracking deadlines, managing case documents, and updating stakeholders. This reduces manual intervention, improves accuracy, and ensures compliance with regulatory timelines. These platforms are frequently updated to reflect the latest insolvency laws and regulations. Built-in compliance checks and reporting features help practitioners stay aligned with legal requirements, reducing the risk of penalties or oversight. Many insolvency solutions offer integrated financial analysis capabilities, such as balance sheet evaluation, cash flow forecasting, and creditor distribution calculations. These tools enable professionals to make informed decisions quickly during insolvency proceedings. Advanced document encryption, audit trails, and role-based access ensure secure handling of sensitive financial and legal documents. This is crucial for maintaining client confidentiality and meeting industry data protection standards. Major Highlights of the Insolvency Software Market Governments and regulatory bodies are playing a pivotal role in shaping the market by encouraging the adoption of digital solutions in sectors like BFSI. Reforms in insolvency laws and stricter compliance requirements are pushing firms to invest in advanced software for better case handling and transparency. The market is benefiting from a broader digital transformation wave across industries. Financial and legal firms are increasingly embracing digital tools to streamline insolvency procedures, reduce paperwork, and enhance efficiency. Technologies such as AI, cloud computing, and automation are becoming integral to modern insolvency software platforms. The Banking, Financial Services, and Insurance (BFSI) sector is emerging as a key driver of demand for insolvency software. With a growing number of corporate bankruptcies and debt restructuring cases, institutions are seeking scalable and compliant solutions to manage these processes effectively. Modern insolvency platforms are not only robust in features but are also becoming more user-centric. Intuitive interfaces, mobile accessibility, chatbot integration, and real-time data analytics are improving user experience and enabling faster decision-making. The market is witnessing heightened competition, with established players and startups investing in innovation. Continuous product development, strategic partnerships, and acquisitions are reshaping the competitive dynamics, leading to more tailored and powerful solutions for end-users. Inquire Before Buying@ Top Companies in the Insolvency Software Market The Insolvency Software market comprises significant providers, such as Clio (Canada), CARET (US), Altisource (US), Aryza (Ireland), Stretto (US), Epiq (US), Kroll (US), Turnkey IPS (UK), QwikFile (US), Fastcase (US), CaseWare (Canada), Standard Legal (US), LegalPRO (US), PracticePanther (US), Smokeball (US), Litera (US), (Germany), NeSL (India), Fileassure (Canada), and CloudLex (US). These competitors have used various growth methods to increase their market share in the Insolvency Software industry, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions. Clio: Clio is a prominent cloud-based practice management software company serving legal professionals and law firms. The company provides a comprehensive suite of software tools tailored to meet the specific needs of legal practitioners. These tools are designed to streamline various aspects of legal operations, enhance efficiency, and facilitate law practice in a digital age. Clio's offerings include features for case management, time tracking, law practice management, document automation, client intake CRM software, billing and invoicing, document management, client communication, and case management software is designed to meet the needs of lawyers by offering a comprehensive solution for various aspects of legal practice. ARET : ARET is a leading provider of vertical Software as a Service (SaaS) solutions, catering to compliance-focused Professional Services industries. In February 2023, AbacusNext announced its rebranding and introduced CARET as its new name. Their primary focus is on serving small and medium-sized Legal and Accounting firms. CARET offers purpose-built, cloud-based solutions designed to support secure and cloud-enabled practices. Legal case management software offers secure and comprehensive capabilities that cover the entire lifecycle of a case, from initial intake to resolution. It is the central hub for all case-related information, ensuring accuracy and accessibility. CARET Legal offers a comprehensive suite of billing, accounting, and payment processing tools designed to streamline financial operations for legal professionals. Altisource (US): Altisource offers real estate and mortgage services, including technology solutions for loan servicing and asset management. Their platforms support the management of distressed assets, including insolvency cases, by providing tools for property management, valuation, and disposition. Aryza (Ireland): Aryza specializes in financial technology solutions, offering software for debt management, insolvency, and lending. Their insolvency software helps manage cases, automate workflows, and ensure regulatory compliance. Stretto (US): Stretto provides a comprehensive suite of technology-driven solutions for the bankruptcy and insolvency sector. Their software includes case management, claims administration, and noticing services designed to streamline the entire insolvency process. Media Contact Company Name: MarketsandMarkets™ Research Private Ltd. Contact Person: Mr. Rohan Salgarkar Email: Send Email Phone: 18886006441 Address:1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 City: Florida State: Florida Country: United States Website:
Associated Press
04-02-2025
- Business
- Associated Press
Altisource Announces Proposed Distribution of Warrants to Purchase Common Stock and Sets February 14, 2025 as the Record Date For Proposed Distribution
LUXEMBOURG, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. ('Altisource' or the 'Company') (Nasdaq: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced a proposed issuance under Luxembourg law under the authorized share capital mechanism, which is more commonly referred to as a distribution in the United States (the 'Warrant Distribution'), of transferable Warrants (as defined below) to holders (collectively, the 'Stakeholders') of Altisource's (i) common stock (the 'Common Stock'), (ii) restricted share units ('RSUs') and (iii) outstanding warrants to purchase shares of Common Stock at an exercise price of $0.01 per share ('Existing Warrants'), in each case, as of 5:00 p.m., New York City time, on February 14, 2025 (the 'Distribution Record Date'). The Warrant Distribution is contingent upon, among other things, approval by the Company's shareholders of the proposals set forth in the Company's definitive proxy statement on Schedule 14A filed with the SEC on January 3, 2025 (the 'Proxy Statement') and the consummation of the transactions contemplated by that certain previously disclosed Transaction Support Agreement (the 'Transactions'), which Transactions are summarized in the Proxy Statement. Subject to the right of the board of directors of the Company (the 'Board') to change the Distribution Record Date, the Warrant Distribution shall occur on a date to be subsequently determined by the Board that will be within 60 days after the Distribution Record Date (i.e., by April 15, 2025) (such date as determined by the Board, the 'Distribution Date'). In the event the Company's shareholders do not approve the Proposals or the Transactions are not completed, the Warrant Distribution will not be consummated. Summary of Certain Terms of the Warrants The Warrant Distribution will include two types of warrants: warrants to purchase shares of Common Stock requiring cash settlement through the cash payment to the Company of the exercise price (the 'Cash Exercise Stakeholder Warrants'); and warrants to purchase shares of Common Stock exercisable on a cashless basis (the 'Net Settle Stakeholder Warrants', and together with the Cash Exercise Stakeholder Warrants, the 'Warrants' and each a 'Warrant'). Pursuant to the Warrant Distribution, each Stakeholder is expected to receive: one Cash Exercise Stakeholder Warrant to purchase 1.625 shares of Common Stock for each (a) share of Common Stock held as of the Distribution Record Date, (b) RSU held as of the Distribution Record Date and (c) share of Common Stock that could be acquired upon exercise of Existing Warrants held as of the Distribution Record Date; and one Net Settle Stakeholder Warrant to purchase 1.625 shares of Common Stock for each (a) share of Common Stock held as of the Distribution Record Date, (b) RSU held as of the Distribution Record Date and (c) share of Common Stock that could be acquired upon exercise of Existing Warrants held as of the Distribution Record Date. Each Warrant entitles the holder thereof to purchase from the Company 1.625 shares, subject to certain adjustments, of Common Stock at an initial Exercise Price of $1.95 per Warrant (initially equal to $1.20 per share of Common Stock). The Company will not issue fractional shares of Common Stock or pay cash in lieu thereof. If a Stakeholder would otherwise be entitled to receive fractional shares of Common Stock upon exercise of Warrants, the Company will first aggregate the total number of shares Common Stock a Stakeholder would receive upon exercise of the Cash Exercise Stakeholder Warrants or the Net Settle Stakeholder Warrants, as applicable, and then round down the total number of shares of Common Stock to be issued to the Stakeholder to the nearest whole number. The Company intends to apply to list the Cash Exercise Stakeholder Warrants and the Net Settle Stakeholder Warrants on the Nasdaq Global Select Market. However, there can be no assurance that these applications will be approved. The Warrants are expected to be issued by the Company pursuant to a warrant agent agreement, between the Company and Equiniti Trust Company, LLC, as Warrant Agent (the 'Warrant Agent Agreement'). The forgoing summary of certain of the proposed terms of the Warrants is not complete and is qualified in its entirety by reference to the Warrant Agent Agreement, which has been filed as Exhibit 99.2 to the Company's Current Report on Form 8-K expected to be filed with the SEC on February 4, 2025. Forward-Looking Statements This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements include all statements that are not historical fact, including statements that relate to, among other things, the Warrant Distribution, the Distribution Record Date (including that the Board may change the Distribution Record Date and, as a result, the Distribution Date), the Distribution Date, the terms of the Warrants, and the closing of the Transactions. These statements may be identified by words such as 'anticipate,' 'intend,' 'expect,' 'may,' 'could,' 'should,' 'would,' 'plan,' 'estimate,' 'seek,' 'believe,' 'potential' or 'continue' or the negative of these terms and comparable terminology. Such statements are based on expectations as to the future and are not statements of historical fact. Furthermore, forward-looking statements are not guarantees of future performance and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the risks discussed in Item 1A of Part I 'Risk Factors' of our Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 7, 2024, as the same may be updated from time to time in our subsequent Form 10-Q filings, as well as the risks disclosed under the heading 'Risk Factors' in the Company's registration statement on Form S-1 filed with the SEC on January 31, 2025. We caution you not to place undue reliance on these forward-looking statements which reflect our view only as of the date of this press release. We are under no obligation (and expressly disclaim any obligation) to update or alter any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, risks related to customer concentration, the timing of the expiration of certain governmental and servicer foreclosure and eviction moratoriums and forbearance programs and the anticipated increase in default related referrals (if any) following the same, and any other delays occasioned by government, investor or servicer actions, the use and success of our products and services, our ability to retain existing customers and attract new customers and the potential for expansion or changes in our customer relationships, technology disruptions, our compliance with applicable data requirements, our use of third party vendors and contractors, our ability to effectively manage potential conflicts of interest, macro-economic and industry specific conditions, our ability to effectively manage our regulatory and contractual obligations, the adequacy of our financial resources, including our sources of liquidity and ability to repay borrowings and comply with our debt agreements, including the financial and other covenants contained therein, as well as Altisource's ability to retain key executives or employees, behavior of customers, suppliers and/or competitors, technological developments, governmental regulations, taxes and policies, and the risks and uncertainties related to completion of the Transactions on the anticipated terms or at all, including the negotiation of and entry into the definitive agreements and the satisfaction of the closing conditions of such definitive agreements, including the obtaining of the required shareholder approval of the Proposals. We undertake no obligation to update these statements, scenarios and projections as a result of a change in circumstances, new information or future events, except as required by law. About Altisource Altisource Portfolio Solutions S.A. is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at Additional Information and Where to Find It Altisource has filed the Proxy Statement with the SEC in connection with its solicitation of proxies for its Extraordinary General Meeting of Shareholders and Special General Meeting of Shareholders, each to be held on February 18, 2025. The Proxy Statement has been made available to Altisource's shareholders. Altisource's shareholders are strongly encouraged to read the Proxy Statement and any other relevant documents that are filed or will be filed with the SEC, as well as any amendments or supplements to these documents when they become available, carefully and in their entirety because they contain or will contain important information about the proposed Transactions and related matters. Shareholders may obtain the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents as and when filed by Altisource with the SEC without charge from the SEC's website at or from the Investor Relations section of Altisource's website at Website References References to information included on, or accessible through, websites do not constitute incorporation by reference of the information contained on or available through such websites, and you should not consider such information to be part of this press release. Michelle D. Esterman
