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NEW YORK/MONTCLAIR - More than 57% of 180 Degree Capital Corp. (NASDAQ:TURN) outstanding shares have been voted in favor of the proposed business combination with Mount Logan Capital Inc., according to a statement released by both companies on Friday. The news has contributed to Mount Logan’s strong market performance, with the stock trading at $0.85, showing a robust 33% return year-to-date according to InvestingPro data.
The companies reported that as of August 14, over half of 180 Degree Capital’s outstanding shares have been voted in support of all other proposals scheduled for consideration at the upcoming August 22 special shareholder meeting.
Mount Logan has also received proxies representing votes exceeding the required thresholds to approve resolutions necessary for implementing the proposed merger.
"We are encouraged by the strong level of support we have received from our shareholders," said Kevin Rendino, Chief Executive Officer of 180 Degree Capital. "We continue to work collaboratively with Mount Logan and our investors to ensure the combined company launches with the right structure and governance to support value realization."
Ted Goldthorpe, Chief Executive Officer of Mount Logan, noted that the "vote momentum across both shareholder bases underscores confidence in the business logic of this combination."
The merger agreement, initially announced on January 16, 2025, outlines the combination of both businesses under a new entity called New Mount Logan.
180 Degree Capital is a publicly traded registered closed-end fund focused on investing in undervalued small public companies through constructive activism. Mount Logan Capital is an alternative asset management and insurance solutions company focused on North American debt securities and reinsurance of annuity products.
Both companies continue to engage with shareholders ahead of their respective special meetings scheduled for August 22, 2025, according to the press release statement. Investors seeking detailed financial metrics, valuation analysis, and expert insights can access the comprehensive Pro Research Report available exclusively on InvestingPro, covering this and 1,400+ other US equities.
In other recent news, Marlton Partners L.P. has taken significant steps concerning 180 Degree Capital Corp. Marlton, which holds approximately 5.2% of the company’s stock, has nominated four candidates for election to the board. This nomination comes as a response to the company’s failure to hold an annual shareholder meeting since April 2024, prompting Marlton to call for a special meeting scheduled for September 15, 2025. Additionally, Marlton has publicly urged the board to expedite a shareholder vote on the pending sale of 180 Degree Capital to Mount Logan Capital Inc. Marlton criticized the board for delaying the vote on the sale, which was announced over five months ago, and highlighted the financial burden on shareholders, with deal-related costs expected to reach $6–7 million. These costs represent 15.8% of the company’s Q1 net asset value, which has already declined by 4.7% through Q1 2025. Marlton’s actions emphasize the firm’s call for improved governance and shareholder democracy at 180 Degree Capital.
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