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MONTCLAIR, N.J. - 180 Degree Capital Corp. (NASDAQ:TURN), currently trading near its 52-week high of $4.72 with a market capitalization of $46.5 million, announced Friday that shareholders have approved all proposals related to its planned all-stock merger with Mount Logan Capital Inc. According to InvestingPro data, the company’s stock has delivered an impressive 23.71% return year-to-date.
At a special meeting held Friday morning, shareholders voted overwhelmingly in favor of the business combination, with approximately 87% of votes cast supporting the merger, representing 69.9% of outstanding shares.
The approved proposals included the business combination itself, the deregistration proposal, and the new Mount Logan equity incentive plan. Each measure received more than 82% support from voting shareholders.
The business combination proposal garnered 6,989,936 votes in favor, with 991,125 votes against and 52,673 abstentions. Similarly, the deregistration proposal received 7,006,449 votes in support, while the equity incentive plan was approved with 6,647,438 favorable votes.
The merger, initially announced on January 16, 2025, will combine the operations of 180 Degree Capital, a publicly traded registered closed-end fund, with Mount Logan Capital. Under the agreement, a new entity called Yukon New Parent, Inc. ("New Mount Logan") will be formed.
The voting results come after both companies filed regulatory documents including a definitive proxy statement and registration statement with the SEC regarding the transaction.
The merger remains subject to final regulatory approvals and customary closing conditions. The companies have not announced a specific closing date in the press release statement.
180 Degree Capital focuses on investing in and providing assistance to what it considers substantially undervalued small, publicly traded companies through constructive activism. The company’s relatively low beta of 0.66 suggests lower volatility compared to the broader market. Get deeper insights into TURN’s financial health and growth potential with a comprehensive Pro Research Report, available exclusively on InvestingPro, along with additional ProTips and advanced metrics.
In other recent news, 180 Degree Capital Corp. and Mount Logan Capital Inc. have amended the terms of their proposed merger, enhancing the value for 180 Degree Capital shareholders from 100% to 110% of net asset value at closing. This merger has garnered strong support, with over 57% of 180 Degree Capital’s outstanding shares voted in favor, and more than 90% of the shares that have voted supporting the proposal. Additionally, Marlton Partners L.P., holding about 5.8% of 180 Degree Capital, has filed a proxy to nominate four new directors to the company’s board at an upcoming special meeting. The merger is currently undergoing regulatory review by the U.S. Securities and Exchange Commission, with both companies working to meet compliance requirements. In another development, Synchronoss Technologies received a $30.2 million tax refund, which it plans to use to reduce its debt, thereby achieving annual interest savings of approximately $2.9 million. This move will lower Synchronoss’s total debt to $173.4 million. These developments are part of the ongoing strategic activities involving 180 Degree Capital and its associated entities.
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