Material Event - Form 8-K

As previously disclosed, on December 8, 2023, in Securities and Exchange Commission v. GPB Capital Holdings, LLC; Ascendant Capital, LLC; Ascendant Alternative Strategies, LLC; David Gentile; Jeffrey Schneider; and Jeffrey Lash (the "SEC Action"), the United States District Court for the Eastern District of New York (the "EDNY Court") entered an order that (i) Joseph T. Gardemal III's role as independent monitor over GPB Capital Holdings, LLC ("GPB CH") be converted to a receivership over GPB CH and related entities (the "Receivership Entities"), including GPB Automotive Portfolio, LP, and (ii) a litigation injunction be entered. Effective the same date, the EDNY Court took exclusive jurisdiction and possession of all of the assets of the Receivership Entities, together with all proceeds thereof.

On December 14, 2023, the EDNY Court entered an order granting a temporary stay so that the parties to the SEC Action may seek a stay pending appeal from the Second Circuit. The EDNY Court further ordered that the parties must file a motion for a stay pending appeal before the Second Circuit on or before December 21, 2023 in order for the temporary stay to remain in effect until the Second Circuit decides the stay motion.