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<div id="DSPFiXBRLHidden" style="display: none;"><ix:header><ix:hidden><ix:nonNumeric name="dei:AmendmentFlag" id="Fact_87014605ffb149c6b8d79ada639b1c92" contextRef="c20220504to20220504" format="ixt:booleanfalse">false</ix:nonNumeric><ix:nonNumeric name="dei:EntityCentralIndexKey" id="Fact_ba4d1bc812134cb4b98aa6b92310eb6a" contextRef="c20220504to20220504">0001831096</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="geg-20220504.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="c20220504to20220504"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001831096</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2022-05-04</xbrli:startDate><xbrli:endDate>2022-05-04</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div>

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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>

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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM <ix:nonNumeric name="dei:DocumentType" id="Fact_92727b337d59405fb1841fc68e580ef9" contextRef="c20220504to20220504">8-K</ix:nonNumeric></div>

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<div>&#160;
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CURRENT REPORT</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Date of Report (Date of earliest event reported): <ix:nonNumeric name="dei:DocumentPeriodEndDate" id="Fact_fcf978ce68cf47b0ad7c02601daa53cf" contextRef="c20220504to20220504" format="ixt:datemonthdayyearen">May 4, 2022</ix:nonNumeric></div>

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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Exact name of Registrant as Specified in Its Charter)</div>

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              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">(Commission File Number)</div>
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    <td style="width: 33%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(IRS Employer Identification No.)</div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" id="Fact_7cce6ca9fb6f4b1c9e030898b04c4252" contextRef="c20220504to20220504">800 South Street</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressAddressLine2" id="Fact_7e05e8819f9c489c85ee80d7a0efa2d8" contextRef="c20220504to20220504">Suite 230</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressCityOrTown" id="Fact_30bbcb6c8d404b6ca8fd3928e97e72fd" contextRef="c20220504to20220504">Waltham</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressStateOrProvince" id="Fact_a56347c5a7bd4373b47969ad41c0c3dd" contextRef="c20220504to20220504">MA</ix:nonNumeric></div>
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    <td style="width: 2%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressPostalZipCode" id="Fact_81626daf23514f688f9c3e01aa93179c" contextRef="c20220504to20220504">02453</ix:nonNumeric><br />
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              <div style="text-align: center; color: rgb(0, 0, 0);">(Address of Principal Executive Offices)</div>
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    <td style="width: 2%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

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              <div style="text-align: center; color: rgb(0, 0, 0);">(Zip Code)</div>
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      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Registrant&#8217;s Telephone Number, Including Area Code: <span style="font-weight: bold;">(<ix:nonNumeric name="dei:CityAreaCode" id="Fact_88452627574b482b9c2cb331d6110677" contextRef="c20220504to20220504">617</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_445d72f1f1e040ccbc508186ee84f6f5" contextRef="c20220504to20220504">375-3006</ix:nonNumeric></span></div>

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<div><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span></div>

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      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
        provisions:</div>

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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:WrittenCommunications" id="Fact_9d933859936a43aebcf9ed4914dc680b" contextRef="c20220504to20220504" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>

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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_17b8354e9e28431d970999c4664e08fc" contextRef="c20220504to20220504" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>

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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementTenderOffer" id="Fact_3226cb165d084737a0b93cfcda1ff74a" contextRef="c20220504to20220504" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>

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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_c019bebf1bfd48ab9b6f60c40d12464d" contextRef="c20220504to20220504" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Securities registered pursuant to Section 12(b) of the Act:</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

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              <div>
                <div style="text-align: center; color: rgb(0, 0, 0);">Title of each class</div>
              </div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">Trading Symbol(s)</div>
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              <div>
                <div style="text-align: center; color: rgb(0, 0, 0);">Name of each exchange on which registered</div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_8fad2835fab741ccac5848e268de2f85" contextRef="c20220504to20220504">Common stock, par value $0.001 per share</ix:nonNumeric><br />
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    <td style="width: 17.03%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_c28e4e80677e4fc69855024b388fe4da" contextRef="c20220504to20220504">GEG</ix:nonNumeric><br />
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    <td style="width: 40.79%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:SecurityExchangeName" id="Fact_3cea7d1c8c084780ab1e74a94026230a" contextRef="c20220504to20220504" format="ixt-sec:exchnameen">The Nasdaq Stock Market LLC</ix:nonNumeric><br />
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              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Nasdaq Global Select Market)</div>
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      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&#8201;230.405 of this chapter) or Rule 12b-2
        of the Securities Exchange Act of 1934 (&#167;&#8201;240.12b-2 of this chapter).</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_096dd00bf2584c4189c5583715c20822" contextRef="c20220504to20220504" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
        financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

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<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>

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    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; color: rgb(0, 0, 0);">Item 1.01</span></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Entry into a Material Definitive Agreement.</div>
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      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On May 4, 2022, Great Elm Group, Inc.&#8217;s (&#8220;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">GEG</span>&#8221;) wholly owned
        subsidiary, Great Elm Capital Management, Inc. (&#8220;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">GECM</span>&#8221;) entered into an asset purchase agreement (the &#8220;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Purchase Agreement</span>&#8221;) with Imperial Capital Asset Management, LLC (&#8220;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ICAM</span>&#8221;) to acquire the investment management agreement
        and certain other assets related thereto for Monomoy Properties REIT, LLC (&#8220;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Monomoy REIT</span>&#8221;), a Maryland real estate investment trust. The transaction closed
        contemporaneously with signing the Purchase Agreement.</div>

      <div><br />
      </div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The upfront purchase price of $10.0 million was financed through (1) $2.5 million in newly issued shares of GEG common stock, par value $0.001 (&#8220;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">GEG Common Stock</span>&#8221;), which equals 1,369,984 shares of GEG Common Stock issued at $1.81 per share, which is the 30-calendar day volume-weighted average of the
        closing sales price ending on April 14, 2022, (2) $1.25 million of shares of common stock, par value $0.01 per share, of Great Elm Capital Corp. (&#8220;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">GECC Common Stock</span>&#8221;),

        which were owned by GEG, and (3) a promissory note (the &#8220;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Promissory Note</span>&#8221;) issued by GECM in an aggregate principal amount of $6.3 million, which bears
        interest at 6.5% per annum. The Promissory Note is due August 4, 2023, but may be extended by GECM for an additional nine months, subject to certain conditions. The Promissory Note may be prepaid at any time, in whole or in part, at GECM&#8217;s option
        with cash, shares of GECC Common Stock held by GEG or newly issued shares of GEG Common Stock.</div>

      <div><br />
      </div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;">In addition to the consideration paid at closing, ICAM has the ability to receive two earnout payments up to $1
          million each following the fiscal years ending June 30, 2023 and June 30, 2024 based upon achievement of certain financial metrics (the &#8220;<span style="font-family: 'Times New Roman'; font-weight: bold;">Earnouts</span>&#8221;). The Earnouts may be paid
          at GECM's option with either cash or newly issued GEG Common Stock. Notwithstanding the ability to settle the Promissory Note and pay the Earnouts using GEG Common Stock, no additional shares of GEG Common Stock may be issued without shareholder
          approval. Any shares of GEG Common Stock issued under the Purchase Agreement will receive customary registration rights. </span><br />
      </div>

      <div><br />
      </div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">In connection with the transaction, GEG committed to investing $15.0 million into Monomoy REIT and intends on investing an additional $15.0 million
        in Monomoy REIT over the next 12 months, although it is not contractually obligated to do so.</div>

      <div><br />
      </div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Jason W. Reese, the Executive Chairman of GEG&#8217;s Board of Directors, is the Co-Founder, Chairman and Chief Executive Officer of ICAM, and Mr. Reese
        and Long Ball Partners LLC, which is managed by ICAM, beneficially own, in aggregate, approximately 16.1% of GEG Common Stock. The transaction unanimously approved by the disinterested directors of the Board and negotiated between a special
        committee of independent directors and ICAM.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The summaries of the Purchase Agreement and Promissory Note do not purport to be complete and are qualified in their entirety by reference to the
        full text of the Purchase Agreement and Promissory Note attached as Exhibit 2.1 and Exhibit 10.1, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; color: rgb(0, 0, 0);">Item 2.01</span></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Completion of Acquisition or Disposition of Assets.</div>
            </td>

  </tr>


</table>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The information set forth in Item 1.01 above is incorporated by reference into this Item 2.01.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 2.03</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant.</div>
            </td>

  </tr>


</table>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; color: rgb(0, 0, 0);">Item 3.02</span></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Unregistered Sales of Equity Securities.</div>
            </td>

  </tr>


</table>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The information set forth in Item 1.01 above is incorporated by reference into this Item 3.02.</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br />
      </div>

      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z1941ecb43df54be1b12d1624cbfb6b2e" class="DSPFListTable">


  <tr>

    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; color: rgb(0, 0, 0);">Item 8.01</span></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;">Other Events.</span><br />
            </td>

  </tr>


</table>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br />
      </div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">On May 5, 2022, GEG issued a press release announcing GECM's acquisition of the investment management agreeement for Monomy REIT. A copy of the press release is attached hereto as Exhibit
        99.1 to this Current Report on Form 8-K and incorporated herein by reference. <br />
      </div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br />
      </div>

      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; color: rgb(0, 0, 0);">Item 9.01</span></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Financial Statements and Exhibits.</div>
              </td>

  </tr>


</table>
      </div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(d) Exhibits</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="DSPFPageBreakArea">
        <div style="page-break-after:always;" class="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" /></div>

      </div>

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  <tr>

    <td style="width: 10.07%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Number</div>
            </td>

    <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;">&#160;</td>

    <td style="width: 88.04%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Description</div>
            </td>

  </tr>

  <tr>

    <td style="width: 10.07%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; margin-left: 4.5pt; color: rgb(0, 0, 0);"><a href="brhc10037148_ex2-1.htm">2.1*</a></div>
            </td>

    <td style="width: 1.88%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 88.04%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; color: rgb(0, 0, 0);">Asset Purchase Agreement, by and between Great Elm Capital Management, Inc. and Imperial Capital Asset Management, LLC, dated May 4, 2022</div>
            </td>

  </tr>

  <tr>

    <td style="width: 10.07%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; margin-left: 4.5pt; color: rgb(0, 0, 0);"><a href="brhc10037148_ex10-1.htm">10.1*</a></div>
            </td>

    <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 88.04%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Promissory Note, by and between Great Elm Capital Management, Inc. and Imperial Capital Asset Management, LLC, dated May 4, 2022</div>
            </td>

  </tr>

  <tr>

    <td style="width: 10.07%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; margin-left: 4.5pt; color: rgb(0, 0, 0);"><a href="brhc10037148_ex99-1.htm">99.1</a></div>
            </td>

    <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 88.04%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; color: rgb(0, 0, 0);">Press Release issued by Great Elm Group, Inc., dated May 5, 2022</div>
            </td>

  </tr>

  <tr>

    <td style="width: 10.07%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; margin-left: 4.5pt; color: rgb(0, 0, 0);">104</div>
            </td>

    <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 88.04%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">The cover page from this Current Report on Form 8-K, formatted as inline XBRL</div>
            </td>

  </tr>


</table>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">* Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. GEG hereby undertakes to furnish supplementally a copy of
        any omitted schedule or exhibit upon request by the Securities and Exchange Commission.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="DSPFPageBreakArea">
        <div style="page-break-after:always;" class="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" /></div>

      </div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br />
      </div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
        undersigned thereunto duly authorized.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">


  <tr>

    <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" colspan="2">
              <div style="text-align: left; color: rgb(0, 0, 0);">Great Elm Group, Inc.</div>
            </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 3%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 47%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Date:&#160; May 5, 2022</div>
            </td>

    <td style="vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: left; color: rgb(0, 0, 0);">/s/ Brent J. Pearson</div>
            </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 3%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">By:</div>
            </td>

    <td style="width: 47%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Brent J. Pearson</div>
            </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>

    <td style="width: 3%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Title:</div>
            </td>

    <td style="width: 47%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Chief Financial Officer &amp; Chief Accounting Officer</div>
            </td>

  </tr>


</table>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br />
      </div>

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{"company-data": {"conformed-name": "Great Elm Group, Inc.", "cik": "0001831096", "assigned-sic": "7372", "irs-number": "853622015", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-39832", "film-number": "22893864"}, "business-address": {"street1": "800 SOUTH STREET, SUITE 230", "city": "WALTHAM", "state": "MA", "zip": "02453", "phone": "(617) 375-3006"}, "mail-address": {"street1": "800 SOUTH STREET, SUITE 230", "city": "WALTHAM", "state": "MA", "zip": "02453"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 4, 2022
Great Elm Group, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware
001-39832
85-3622015
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
800 South Street
,
Suite 230
,
Waltham
,
MA
02453
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code:
(
617
)
375-3006
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
        provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.001 per share
GEG
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2
        of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
        financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01
Entry into a Material Definitive Agreement.
On May 4, 2022, Great Elm Group, Inc.'s ("
GEG
") wholly owned
        subsidiary, Great Elm Capital Management, Inc. ("
GECM
") entered into an asset purchase agreement (the "
Purchase Agreement
") with Imperial Capital Asset Management, LLC ("
ICAM
") to acquire the investment management agreement
        and certain other assets related thereto for Monomoy Properties REIT, LLC ("
Monomoy REIT
"), a Maryland real estate investment trust. The transaction closed
        contemporaneously with signing the Purchase Agreement.
The upfront purchase price of $10.0 million was financed through (1) $2.5 million in newly issued shares of GEG common stock, par value $0.001 ("
GEG Common Stock
"), which equals 1,369,984 shares of GEG Common Stock issued at $1.81 per share, which is the 30-calendar day volume-weighted average of the
        closing sales price ending on April 14, 2022, (2) $1.25 million of shares of common stock, par value $0.01 per share, of Great Elm Capital Corp. ("
GECC Common Stock
"),

        which were owned by GEG, and (3) a promissory note (the "
Promissory Note
") issued by GECM in an aggregate principal amount of $6.3 million, which bears
        interest at 6.5% per annum. The Promissory Note is due August 4, 2023, but may be extended by GECM for an additional nine months, subject to certain conditions. The Promissory Note may be prepaid at any time, in whole or in part, at GECM's option
        with cash, shares of GECC Common Stock held by GEG or newly issued shares of GEG Common Stock.
In addition to the consideration paid at closing, ICAM has the ability to receive two earnout payments up to $1
          million each following the fiscal years ending June 30, 2023 and June 30, 2024 based upon achievement of certain financial metrics (the "
Earnouts
"). The Earnouts may be paid
          at GECM's option with either cash or newly issued GEG Common Stock. Notwithstanding the ability to settle the Promissory Note and pay the Earnouts using GEG Common Stock, no additional shares of GEG Common Stock may be issued without shareholder
          approval. Any shares of GEG Common Stock issued under the Purchase Agreement will receive customary registration rights.
In connection with the transaction, GEG committed to investing $15.0 million into Monomoy REIT and intends on investing an additional $15.0 million
        in Monomoy REIT over the next 12 months, although it is not contractually obligated to do so.
Jason W. Reese, the Executive Chairman of GEG's Board of Directors, is the Co-Founder, Chairman and Chief Executive Officer of ICAM, and Mr. Reese
        and Long Ball Partners LLC, which is managed by ICAM, beneficially own, in aggregate, approximately 16.1% of GEG Common Stock. The transaction unanimously approved by the disinterested directors of the Board and negotiated between a special
        committee of independent directors and ICAM.
The summaries of the Purchase Agreement and Promissory Note do not purport to be complete and are qualified in their entirety by reference to the
        full text of the Purchase Agreement and Promissory Note attached as Exhibit 2.1 and Exhibit 10.1, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Item 2.01
Completion of Acquisition or Disposition of Assets.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.01.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 3.02
Unregistered Sales of Equity Securities.
The information set forth in Item 1.01 above is incorporated by reference into this Item 3.02.
Item 8.01
Other Events.
On May 5, 2022, GEG issued a press release announcing GECM's acquisition of the investment management agreeement for Monomy REIT. A copy of the press release is attached hereto as Exhibit
        99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
2.1*
Asset Purchase Agreement, by and between Great Elm Capital Management, Inc. and Imperial Capital Asset Management, LLC, dated May 4, 2022
10.1*
Promissory Note, by and between Great Elm Capital Management, Inc. and Imperial Capital Asset Management, LLC, dated May 4, 2022
99.1
Press Release issued by Great Elm Group, Inc., dated May 5, 2022
104
The cover page from this Current Report on Form 8-K, formatted as inline XBRL
* Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. GEG hereby undertakes to furnish supplementally a copy of
        any omitted schedule or exhibit upon request by the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
        undersigned thereunto duly authorized.
Great Elm Group, Inc.
Date:  May 5, 2022
/s/ Brent J. Pearson
By:
Brent J. Pearson
Title:
Chief Financial Officer & Chief Accounting Officer