On October 30, 2019, Gary Stern announced that he has submitted a non-binding proposal to the Board of Directors of Asta Funding, Inc. to acquire all of the outstanding shares of common stock, par value $0.01 per share , of the Company at a cash purchase price of $10.75 per share, representing a premium of approximately 60% over the closing price on October 29, 2019, and approximately 60% over the average closing price of the Company’s common stock for the past 30 trading days preceding October 30, 2019. Gary Stern stated that he plans only to acquire such shares that are publicly held and the proposal provides that he would do so through a merger of the Company with a newly formed acquisition vehicle that he would control.