secwatch.observer — SEC 8-K summary
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Issuer:     Ready Capital Corp (RC)
CIK:        0001527590
Form:       8-K
Filed at:   2024-12-02T23:59:59+00:00
Accession:  0001104659-24-124335
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ready Capital to acquire United Development Funding IV for 0.416 shares plus CVRs
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- Each UDF IV common share exchanged for 0.416 Ready Capital common shares plus contingent value rights linked to proceeds from five portfolio loans.
- UDF IV to pay a closing dividend of up to $75M; combined entity must have at least $15M unrestricted cash at close.
- Deal requires UDF IV shareholder approval; termination fee of $4M if UDF IV accepts superior proposal.
- Portfolio loans principal initially ~$13.3M; CVR holders get 60% of net proceeds after Parent recovers that amount.
- Merger expected to close before April 15, 2025, subject to conditions including tax opinions and SEC registration.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1527590/000110465924124335/0001104659-24-124335-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1527590/000110465924124335/tm2429856d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-124335

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