- 180 Degree Capital Corp. (TURN, Financial) is proceeding with a merger with Mount Logan Capital Inc., resulting in a new Nasdaq-listed entity.
- The all-stock transaction shows Mount Logan's valuation at approximately $67.4 million.
- TURN shareholders' vote is expected in Q3 2025 pending SEC review completion; 14% non-insider shareholders have shown support.
180 Degree Capital Corp. (NASDAQ:TURN) has filed an amended preliminary joint proxy statement/prospectus with the SEC regarding its proposed all-stock merger with Mount Logan Capital Inc. This strategic move aims to create a new Delaware-based corporation, Mount Logan Capital Inc. ("New Mount Logan"), which will be listed on Nasdaq under the ticker symbol MLCI.
Upon the merger's completion, TURN shareholders will receive shares in New Mount Logan based on the net asset value (NAV) of 180 Degree Capital at closing, relative to Mount Logan's valuation, which stands at approximately $67.4 million. The merger is structured to enhance shareholder value through this equity ownership.
The proposed merger remains subject to regulatory approval, with a special shareholder meeting anticipated in the third quarter of 2025 to vote on the transaction following the SEC's review process. Currently, approximately 14% of non-insider shareholders have expressed support through voting agreements or non-binding indications, suggesting a favorable momentum towards the merger's approval.
This corporate transformation presents a notable opportunity for TURN investors to transition their investment into New Mount Logan, thus aligning with the strategic growth outlook presented by both entities. Stakeholders are advised to review forthcoming detailed proxy materials to fully understand the implications of the transaction, particularly the methodologies used for ownership calculations.
