Ready Capital to acquire Broadmark Realty Capital in stock-for-stock merger

Ready Capital Corp

Broadmark shareholders receive 0.47233 shares of RC common per share, cash for fractional shares.
Termination fees: Broadmark pays $15.76M; Ready Capital pays $23.639M under specified conditions.
Closing expected by Aug 26, 2023, subject to stockholder approvals, regulatory, and other conditions.
Ready Capital board to increase by 3 seats; Broadmark will designate those directors.
Broadmark to merge into wholly owned Merger Sub; both are REITs.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ready Capital Corp entered into Agreement and Plan of Merger with Broadmark Realty Capital Inc. (effective 2023-02-26).

Action: entry
Agreement: merger
Counterparty: Broadmark Realty Capital Inc.
Effective: 2023-02-26

Exact text from the filing

On February 26, 2023, Ready Capital Corporation, a Maryland corporation (“Ready Capital”), Broadmark Realty Capital Inc., a Maryland corporation (“Broadmark”), and RCC Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Ready Capital (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”)

View on SEC.gov

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Ready Capital Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-026362

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