<SEC-DOCUMENT>0001140361-22-022245.txt : 20220608
<SEC-HEADER>0001140361-22-022245.hdr.sgml : 20220608
<ACCEPTANCE-DATETIME>20220607190105
ACCESSION NUMBER:		0001140361-22-022245
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220608
DATE AS OF CHANGE:		20220607

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Great Elm Group, Inc.
		CENTRAL INDEX KEY:			0001831096
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				853622015
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-264692
		FILM NUMBER:		221002270

	BUSINESS ADDRESS:	
		STREET 1:		800 SOUTH STREET, SUITE 230
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
		BUSINESS PHONE:		(617) 375-3006

	MAIL ADDRESS:	
		STREET 1:		800 SOUTH STREET, SUITE 230
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Great Elm Group, Inc.
		CENTRAL INDEX KEY:			0001831096
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				853622015
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		800 SOUTH STREET, SUITE 230
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
		BUSINESS PHONE:		(617) 375-3006

	MAIL ADDRESS:	
		STREET 1:		800 SOUTH STREET, SUITE 230
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
</SEC-HEADER>
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<TEXT>
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  <div>
    <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433</div>
    <div style="text-align: right; font-weight: bold;">Issuer Free Writing Prospectus dated June 7, 2022</div>
    <div style="text-align: right; font-weight: bold;">Relating to Preliminary Prospectus dated June 6, 2022</div>
    <div style="text-align: right; font-weight: bold;">Registration No. 333-264692</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">GREAT ELM GROUP, INC.</div>
    <div style="text-align: center; font-weight: bold;">$25,000,000</div>
    <div style="text-align: center; font-weight: bold;">7.25% Notes Due 2027</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Pricing Term Sheet</div>
    <div style="text-align: center; font-weight: bold;">June 7, 2022</div>
    <div><br>
    </div>
    <div style="font-style: italic;">The following sets forth the final terms of the 7.25% Notes due 2027 (the &#8220;Notes&#8221;) and should only be read together with the preliminary
      prospectus dated June 6, 2022, relating to the Notes (the &#8220;Preliminary Prospectus&#8221;), and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus. In all other respects,
      this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus. All references to dollar amounts are references to U.S. Dollars.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zacee04c1cde04b5e9d3c7e41f86c257b" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">Great Elm Group, Inc. (the &#8220;Company&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Title of the Securities:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">7.25% Notes due 2027</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Rating:*</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">BBB- (Egan-Jones)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Initial Aggregate Principal Amount Being Offered:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">$25,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Over-Allotment Option:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">Up to $3,750,000 aggregate principal amount of Notes within 30 days of the date hereof solely to cover over-allotments, if any.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Issue Price:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">$25.00</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Principal Payable at Maturity:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">100% of the aggregate principal amount. The outstanding principal amount of the Notes will be payable on the stated maturity date at
              the office of the trustee, paying agent and security registrar for the Notes or at such other office as the Company may designate.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Type of Note:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">Fixed-rate note</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Listing:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">The Company intends to list the Notes on Nasdaq within 30 days of the original issue date under the trading symbol &#8220;GEGGL&#8221;.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Stated Maturity Date:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">June 30, 2027</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Interest Rate:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">7.25% per year</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Underwriting Discount:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">3.125% (or $781,250 total assuming the over-allotment option is not exercised)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Net Proceeds to the Issuer, before Expenses:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">96.875% (or $24,218,750 total assuming the over-allotment option is not exercised)</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Day Count Basis:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">360-day year of twelve 30-day months</div>
          </td>
        </tr>
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          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">June 7, 2022</div>
          </td>
        </tr>
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          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">June 9, 2022 (T+2)</div>
          </td>
        </tr>
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          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Date Interest Starts Accruing:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">June 9, 2022</div>
          </td>
        </tr>
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          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td rowspan="2" style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">Each March 31, June 30, September 30 and December 31, commencing June 30, 2022. If an interest payment date falls on a non-business
              day, the applicable interest payment will be made on the next business day and no additional interest will accrue as a result of such delayed payment.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Interest Periods:</div>
          </td>
          <td rowspan="2" style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">The initial interest period will be the period from and including June 9, 2022, to, but excluding, the initial interest payment date,
              and the subsequent interest periods will be the periods from and including an interest payment date to, but excluding, the next interest payment date or the stated maturity date, as the case may be.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Specified Currency:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">U.S. Dollars</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Denominations:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">The Company will issue the Notes in denominations of $25 and integral multiples of $25 in excess thereof.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Business Day:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">Each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City are authorized
              or required by law or executive order to close.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">The Notes may be redeemed in whole or in part at any time or from time to time at the Company&#8217;s option on or after June 30, 2024, upon
              not less than 15 days&#8217; nor more than 60 days&#8217; written notice by mail prior to the date fixed for redemption thereof, at a redemption price equal to 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid
              interest payments otherwise payable for the then-current quarterly interest period accrued to, but not including, the date fixed for redemption.</div>
          </td>
        </tr>
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          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">39037G 208/ US39037G2084</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Use of Proceeds:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">The Company expects to use the net proceeds of this offering (i) to make investments in Monomoy Properties REIT, LLC and/or (ii) for
              general corporate purposes, including making opportunistic investments and refinancing subsidiary preferred stock or other indebtedness.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
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        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Book-Running Managers:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">Oppenheimer &amp; Co. Inc.</div>
            <div style="color: #000000;">B. Riley Securities, Inc.</div>
            <div style="color: #000000;">Janney Montgomery Scott LLC</div>
            <div style="color: #000000;">Ladenburg Thalmann &amp; Co. Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">&#160;</td>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Trustee, Paying Agent, and Security Registrar:</div>
          </td>
          <td style="width: 49.99%; vertical-align: top;">
            <div style="color: #000000;">American Stock Transfer &amp; Trust Company, LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="color: #000000;">*</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="color: #000000;">Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any
              time.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-style: italic;">This pricing term sheet and the Preliminary Prospectus are not offers to sell or the solicitation of offers to buy, nor will there be any
      sale of the Notes referred to in this pricing term sheet, in any jurisdiction where such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the &#8220;SEC&#8221;), for the
      offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You
      may obtain these documents for free by visiting EDGAR on the SEC Web site at <font style="font-style: italic;">www.sec.gov</font>. Alternatively, the issuer, any underwriter or any
      dealer participating in the offering will arrange to send you the prospectus you request them by calling Oppenheimer &amp; Co. Inc. toll-free at (212) 667-5040 or emailing FixedIncomeProspectus@opco.com.</div>
    <div><br>
    </div>
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