Katapult has closed its combination with CCF Holdings and Aaron's, and the stockholders who owned the listed company are left with about 6.1 percent of it

The name did not change. The ticker did not change. Almost everything else did.

Katapult Holdings closed its business combination with CCF Holdings LLC and Aaron's Intermediate Holdco on Tuesday, eight months after the merger agreement was signed in December and two months after it was amended. Immediately afterwards there were approximately 87.4 million Katapult shares outstanding on a fully diluted basis. Former CCF Holdings equityholders own approximately 79.8 percent of them, former Aaron's equityholders approximately 14.1 percent, and the people who owned the listed company approximately 6.1 percent.

The shares continue to trade on the Nasdaq Global Market under KPLT.

The stack

Two new term loans landed with the closing, and their pricing is on the face of the filing.

The larger one runs to Katapult Intermediate Holdings and provides up to $200.0m of senior secured term facilities: an initial loan of about $122.0m, funded in full on the closing date, and a delayed draw facility of up to about $78.0m available until 11 August 2028. It carries 15.0 percent a year payable in cash and a further 5.0 percent payable in kind, and the paid-in-kind portion is capitalised into principal on each remittance date rather than paid out. Maturity is 11 August 2029. The administrative agent is a series of BP Commercial Funding Trust III.

A second facility of about $75.0m sits at Katapult MidCo at 15.0 percent, due in November 2030. The filing says its proceeds funded one thing: the repurchase of 65,000 shares of preferred stock the company had previously issued to the entity that is now that loan's administrative agent.

The people

Five directors resigned at the closing, and three of them were reappointed to a board enlarged to ten in the same paragraph of the same document. Philip Bartow, III, Orlando Zayas and Gregory Zink went off and came back. Don Gayhardt and Derek Medlin did not. The filing states the resignations were not the result of any disagreement with the company over its operations, policies or practices.

Kyle Hanson, who the filing says has served CCF Holdings for more than 28 years, is Executive Chairman. Jennifer Baldock is Lead Director.

Every executive officer changed. Zayas resigned as chief executive, Medlin as president and chief growth officer, and Nancy Walsh as chief financial officer. Cory Miller, chief executive of The Aaron's Company since November 2024, takes the chief executive's chair. Russell Falkenstein, that company's chief financial officer since February 2025, takes the finance seat. William Baker, president of CCF Holdings since July 2022, becomes president, and Douglass Noe becomes chief accounting officer. Medlin stays on as an employee in a non-executive role.

Zayas and Walsh each enter a separation agreement and receive the severance their employment agreements provide on a termination without cause in connection with a change in control. No amount appears in the filing.

The paper

Of the shares issued to the sellers, 76,765,355 were not registered on the Form S-4 and went out under the private placement exemption instead. Their holders signed a registration rights agreement at closing that requires the company to file a resale registration statement within 45 days and keep it effective until the shares stop being registrable.

Each description above is the company's own summary of an agreement filed as an exhibit, and each is qualified by the exhibit itself.