Ready Capital to acquire UDF IV for up to $5.89/share in cash, stock, CVRs

Ready Capital Corp

Total consideration up to $5.89/UDF share: pre-closing cash up to $2.44/sh, stock at closing $3.07/sh, CVRs ~$0.38/sh.
Ready Capital to issue ~12.8M shares valued at ~$94M; UDF IV holders to own ~7% of combined company.
Transaction expected to close H1 2025, approved by both boards; accretive to RC earnings and book value in 2025.
Pro forma equity capital base >$2.2B; combined company to continue under RC name, traded on NYSE.
UDF IV allowed to distribute up to $75M cash ($2.44/sh) to shareholders prior to closing.

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