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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 10, 1999.
CompuCredit Corporation
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Georgia 000-25751 58-2336689
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer Identification
Incorporation) Number)
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<S> <C>
One Ravinia Drive,
Suite 500
Atlanta, Georgia 30346
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(Address of Principal Executive Office) (Zip Code)
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Registrant's telephone number, including area code (770) 206-6200
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(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 1. Not Applicable.
Item 2. Not Applicable.
Item 3. Not Applicable.
Item 4. Not Applicable.
Item 5. On August 6, 1999, CompuCredit Corporation issued a notice
announcing that it will not proceed with the previously announced
private placement of Series A Convertible Preferred Stock in the
amount of $100,000,000 (2,000,000 shares).
Item 6. Not Applicable.
Item 7. Exhibits.
The following is filed as an Exhibit to this Report under Exhibit A.
Exhibit A Notice.
Item 8. Not Applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
CompuCredit Corporation has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
COMPUCREDIT CORPORATION
By: ________________________
Name: ______________________
Title: ____________________
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
CompuCredit Corporation has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
COMPUCREDIT CORPORATION
By: /s/ Brett M. Samsky
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Name: Brett M. Samsky
Title: Chief Financial Officer
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EXHIBIT INDEX
Exhibit Description
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A Notice
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EXHIBIT A
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N E W S R E L E A S E
FOR IMMEDIATE RELEASE
Contact: Brett Samsky
CompuCredit Corporation
770 206-6200
COMPUCREDIT ANNOUNCES IT WILL NOT PROCEED WITH OFFERING DUE TO MARKET CONDITIONS
(Atlanta, GA) CompuCredit Corporation (NASDAQ: CCRT) today announces that it
will not proceed with its previously disclosed plan to offer up to $100 million
of convertible preferred stock.
"The deterioration in market conditions, especially when contrasted with our
strong business fundamentals, makes an offering unattractive at this time," said
David Hanna, CompuCredit's Chairman and Chief Executive Officer. "The proposed
offering as originally contemplated was an opportunistic transaction designed to
raise additional capital and fund growth in excess of that contemplated by our
business plan," added Hanna.
Additionally, Hanna said that "our current growth plans remain very strong. We
continue to add 20,000 to 25,000 new customers each week. In addition to our
traditional growth channels, we launched our internet site for applications,
www.AspireCard.com, and we think this will allow us to add more customers
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through alternative channels." During the second quarter of this year,
CompuCredit added over 277,000 new customers, placing it in the top ten credit
card companies in the country for new account origination.
CompuCredit Corporation is a credit card company that uses technology based
analytical techniques it has developed to identify credit-worthy consumers who
it believes are not currently being served by more traditional consumer credit
providers. CompuCredit completed its initial public offering in April 1999.
CompuCredit markets Aspire(R) Visa(R) credit cards to these consumers on an
unsecured basis. CompuCredit also markets life insurance, card registration,
telecommunication products, membership in buying clubs, travel services and debt
waiver programs to its cardholders. Aspire Visa cards are issued by Columbus
Bank and Trust under an agreement with CompuCredit. CompuCredit was included in
the Russell 2000(R) Index in July of this year.
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This press release includes statements concerning our operations, prospects,
strategies, financial condition, future economic performance and consumer demand
for our products, as well as our intentions, plans and objectives that are
forward-looking statements within the meaning of the federal securities laws and
are intended to have the benefit of the federal safe harbor for forward-looking
statements. CompuCredit can give no assurance that its plans or expectations,
as reflected in these forward-looking statements will be achieved. These
forward-looking statements are subject to various assumptions, risks, trends,
uncertainties and other factors that could cause actual results to differ
materially from those that are currently planned or expected. These factors
include the risks set forth under the caption "Risk Factors" in CompuCredit's
prospectus dated April 22, 1999 on file with the Securities and Exchange
Commission. Moreover, as a consequence of those or other factors, CompuCredit's
plans or expectations may change. CompuCredit undertakes no obligations to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be required by law.
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