Nicholas Financial tumbles as it pulls out of Prospect deal

|About: Prospect Capital Corpora... (PSEC)|By:, SA News Editor

With certain conditions required to consummate the sale of the company to Prospect Capital (PSEC +0.7%) not met ahead of the June 12 termination deadline, Nicholas Financial (NICK -6%) pulls the plug on the deal.

Prosepct had previously said it didn't expect to close on the transaction as a result of the SEC investigation into its accounting methods, but had hoped to amend its agreement with Nicholas.

Previously: Prospect wins appeal with SEC; no restatement necessary