Common stocks will be paid in cash instead
Ready Capital Corporation and Owens Realty Mortgage (ORM) have announced determining their final exchange ratio as of Nov. 7 for their proposed merger.
In accordance with the terms of the agreement, ORM will merge with ReadyCap Merger Sub, ReadyCap’s wholly owned subsidiary. The two will merge into Merger Sub, which will continue as the surviving corporation.
Ready Capital said ORM’s outstanding share of common stock (par value $0.01 per share) will be converted into the right to receive from Ready Capital 1.441 shares of common stock (par value $0.0001). But as a result of the merger, the fractional shares of Ready Capital Common Stock will be paid in cash instead.