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- Merger Expected to Close Pre-Market Open on May 31 -
Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"),announced that at the special meeting of stockholders held today, conducted by means of a virtual meeting held live over the internet, its stockholders approved the transactions under the terms of the previously announced merger agreement with Ready Capital Corporation ("Ready Capital"). Pursuant to the merger agreement, Ready Capital will acquire Broadmark through Broadmark's merger with and into a wholly owned subsidiary of Ready Capital (the "Merger").
The Merger is expected to close on May 31, 2023, subject to customary closing conditions. As a result of the Merger, among other things, each share of common stock of Broadmark ("Broadmark Common Stock") outstanding at the effective time of the Merger will be converted into the right to receive from Ready Capital 0.47233 shares of common stock, par value $0.0001 per share, of Ready Capital ("Ready Capital Common Stock"). Cash will be paid in lieu of fractional shares of Ready Capital Common Stock that would have been received as a result of the Merger. As a result of the Merger, Broadmark Common Stock is expected to cease trading on the New York Stock Exchange prior to market open on May 31, 2023.
Ready Capital also announced that its stockholders have approved the issuance of shares of Ready Capital Common Stock in connection with the Merger.
