Under the terms of the transaction, Owens Realty Mortgage will cease to be publicly traded and its common stock was suspended from trading on the NYSE American. The combined company will conduct business under the name Ready Capital Corp. and will continue to trade on the New York Stock Exchange under the ticker symbol "RC." The size of Ready Capital's Board of Directors was increased from six to seven members and Gilbert E. Nathan, an independent Director with Owens Realty Mortgage, was appointed to Ready Capital's Board of Directors.
In addition, pursuant to the Merger Agreement, the size of Ready Capital's Board of Directors was increased from six to seven members upon the closing of the merger, and Gilbert E. Nathan, an independent Director of ORM, was appointed to Ready Capital's Board of Directors.
“With today's closing, we reach another important milestone toward our vision of building a full-service platform with scale,” said Thomas Capasse, Chairman and CEO. “The growing breadth of the combined businesses will continue to allow us to effectively deploy capital across attractive asset classes and economic cycles. This investment approach, which emphasizes return consistency and downside protection, will provide all our shareholders with the most attractive risk-adjusted returns over the long-term.”