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Mangrove Announces Termination of Tender Offer for Shares of Common Stock of Asta Funding, Inc.

NEW YORK, April 26, 2016 /PRNewswire/ -- Mangrove Partners ("Mangrove") today announced that it has terminated the previously announced cash tender offer to acquire 3,000,000 shares of common stock of Asta Funding, Inc. ("ASTA") at an offering price of $9.50 per share. The tender offer was due to expire at 5:00 pm New York City Time on Monday, May 9, 2016.

Mangrove has terminated the tender offer because it determined that a condition to the tender offer would not be satisfied. Specifically, Mangrove's obligation to acquire shares pursuant to the tender offer was subject to various terms and conditions specified in Mangrove's original offer to purchase, dated as of March 22, 2016, and a supplement to the original offer to purchase and the related amended letter of transmittal, dated as of April 15, 2016, which included a condition that Mangrove can terminate the tender offer if ASTA has not cancelled its "Dutch Auction" Self Tender Offer.

None of the shares of ASTA's common stock were purchased in the tender offer and as a result of the termination, all of the shares of ASTA's common stock previously tendered...