Ellington Financial to acquire Great Ajax in stock-for-stock merger; exchange ratio 0.5308

Ellington Financial Inc.

Each share of Great Ajax common stock to be converted into 0.5308 shares of Ellington Financial common stock.
Transaction expected to close by year-end 2023, subject to Great Ajax stockholder approval and regulatory conditions.
Great Ajax to redeem its Series A and Series B preferred stock prior to closing; termination fee of $6.867M if deal falls through.
The combined company expected to increase scale, enhance securitization access, and drive earnings accretion.
EFC's board unanimously approved; Great Ajax board recommends stockholder approval.

item 1.01 item 7.01 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

Ellington Financial Inc. entered into Agreement and Plan of Merger with Great Ajax Corp. (effective 2023-06-30).

Action: entry
Agreement: merger
Counterparty: Great Ajax Corp.
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, Ellington Financial Inc., a Delaware corporation (“EFC”), EF Acquisition I LLC, a Maryland limited liability company and a direct, wholly-owned subsidiary of EFC (“Merger Sub”), and Great Ajax Corp., a Maryland corporation (“Great Ajax”), entered into an Agreement and Plan of Merger (the “Merger Agreement”)

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Ellington Financial Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-077395

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