Current Report Filing (8-k)
August 17 2015 - 11:07AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8‑K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
August 5, 2015
JACOBS FINANCIAL GROUP, INC.
(Exact name of registrant as specified in
its charter)
Delaware
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000-21210
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84-0922335
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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300 SUMMER STREET, SUITE 970, CHARLESTON, WV 25301
(Address of Principal Executive Offices)
(Zip Code)
(304)
343-8171
Registrant's telephone number, including
area code
(Former name or former address, if
changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
SECTION 2 - FINANCIAL INFORMATION
Item 2.03 - CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN
OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On August 5, 2015 the Registrant completed a $1,600,000
transaction which resulted in its acquisition from certain of the Registrant's
note holders of 49.3% ($1.725 million face amount) of the outstanding senior
promissory notes comprising part of a $3.5 million financing dating from 2008,
together with interest accrued thereon. The notes representing the $1.775
million balance of this financing (together with accrued interest) had been
acquired by an affiliate of the Registrant in July 2014. The entire issue of
senior promissory notes had been in default. Upon closing of the acquisition,
the collateral securing the senior promissory notes was released to the
Registrant.
The transaction
was funded through a sale in a private offering of investment units (Units) that
included minority interests in the Registrant's wholly owned subsidiary, First
Surety Corporation (FSC), and promissory notes that are convertible into Units.
The Units consisted of 5% of the outstanding shares of FSC and 500,000 common
shares of the Registrant. The Registrant's Board of Directors has authorized the
sale of up to nine Units, which, if completed, would include forty-five percent
(45%) of the outstanding stock of FSC. The financing was a product of the
Registrant's ongoing efforts to restructure its balance sheet to position itself
to take advantage of business opportunities
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, hereunto duly authorized.
JACOBS FINANCIAL GROUP, INC.
By: /s/ John M. Jacobs
John M. Jacobs,
President
Date: August 17, 2015