secwatch.observer — SEC 8-K summary
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Issuer:     Ready Capital Corp (RC)
CIK:        0001527590
Form:       8-K
Filed at:   2023-02-28T23:59:59+00:00
Accession:  0001104659-23-026362
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1527590/000110465923026362/0001104659-23-026362-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1527590/000110465923026362/tm238014d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-026362

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer