secwatch.observer — SEC 8-K summary
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Issuer:     Ready Capital Corp (RC)
CIK:        0001527590
Form:       8-K
Filed at:   2023-05-31T23:59:59+00:00
Accession:  0001104659-23-066654
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ready Capital completes merger with Broadmark; issues ~62.2M shares for 0.47233x exchange ratio
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- Each Broadmark share converted into 0.47233 Ready Capital shares; no fractional shares issued, cash paid in lieu.
- Ready Capital issued 62,229,623 shares; former Broadmark stockholders own ~36% of combined company.
- Board expanded by three: Daniel J. Hirsch, Kevin M. Luebbers, Pinkie D. Mayfield appointed as directors.
- Merger Sub assumed Broadmark's $100M 5.00% Senior Notes due 2026 with customary covenants and defaults.
- Broadmark common stock last traded May 30, 2023; suspended from NYSE trading effective May 31.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1527590/000110465923066654/0001104659-23-066654-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1527590/000110465923066654/tm2317442d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-066654

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