IEG Holdings Will Not Proceed with LendingClub Tender Offer
Las Vegas, Nevada – (August 1, 2017) – IEG Holdings Corporation (OTCQB: IEGH) (“IEG Holdings”) today announced that it has determined that it will not proceed with its offer (the “Offer”) to exchange four shares of IEG Holdings’ common stock for each share of common stock of LendingClub Corporation (“LendingClub”), up to an aggregate of 40,345,603 shares of LendingClub common stock, representing approximately 9.99% of LendingClub’s outstanding shares as of April 28, 2017, validly tendered and not properly withdrawn in the Offer.
Paul Mathieson, IEG Holdings’ Chairman and Chief Executive Officer, commented, “Following the launch of the LendingClub Offer, IEG Holdings’ per share stock price has dropped significantly. As a result, we have determined that the Offer no longer has a reasonable chance of success. Accordingly, we will not proceed with the LendingClub offer.”
IEG Holdings has no intention of launching the LendingClub Offer or another tender offer in the near future. Any shares that have been tendered by LendingClub stockholders have not yet been accepted by IEG Holdings and will be returned to the relevant stockholders.
About IEG Holdings Corporation
IEG Holdings Corporation provides online $5,000 and $10,000 unsecured consumer loans under the brand name, “Mr. Amazing Loans,” via its website, www.mramazingloans.com. For more information about IEG Holdings, visit www.investmentevolution.com.
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IEG Holdings Corporation
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