$4.960
+0.308 (+6.21%)At close
TURN News
TURN Events
Mount Logan Capital Launches Trading on Nasdaq
Mount Logan Capital announced that its common stock began trading on the Nasdaq Capital Market on Monday, September 15, 2025, under the ticker symbol "MLCI." The start of trading follows the successful closing of Mount Logan's strategic, all-stock Business Combination with 180 Degree Capital Corp. on Friday, September 12, 2025 As previously disclosed, shares of Mount Logan on Cboe Canada were halted effective as of the close on September 11, 2025, and the Company has been formally delisted from Cboe Canada as of September 12, 2025.
180 Degree Capital and Mount Logal Finalize Strategic Business Merger
Mount Logan Capital and 180 Degree Capital announced the successful closing of their all-stock strategic business combination that was previously approved by shareholders of each company on August 29, 2025, and August 22, 2025, respectively. The combined company will operate under the name Mount Logan Capital, a Delaware corporation, and is expected to begin trading on The Nasdaq Capital Market on Monday, September 15, 2025, under the ticker symbol "MLCI". Pursuant to the terms of the merger agreement as amended, Mount Logan and 180 Degree Capital shareholders will own approximately 56.4% and 43.6% of the combined company, respectively, with approximately 13 million shares of New Mount Logan common stock outstanding following the closing. Trading in Mount Logan common shares was halted effective as of the close of trading on September 11, 2025, and Mount Logan is expected to be formally delisted from Cboe Canada as of the close of trading on September 12, 2025.
180 Degree Capital Shareholder Releases Statement Regarding Mount Logan Merger
Marlton Partners, beneficial owners of approximately 5.8% of the outstanding stock of 180 Degree Capital (TURN) issued the following statement in response to the business combination of the company and Mount Logan Capital, which was completed under revised terms on September 12. "Marlton has strong conviction in the significant value embedded in closed-end vehicles such as TURN. The revised terms of this transaction - which were driven by Marlton's pressure on management and deliver 110% of Net Asset Value to TURN shareholders - represent a clear market affirmation of that value. We are gratified that Mount Logan recognized the importance of delivering a premium to NAV, a point we have emphasized since the deal's announcement in January. We are also pleased that the revised terms include a 60-day tender offer, which provides TURN shareholders with a defined, near-term path to realize partial liquidity. Throughout this process, Marlton's focus has been on ensuring that all TURN shareholders realize the full value of their investment. We expect the combined Mount Logan Board and management to provide timely, predictable, and equitable liquidity opportunities that go beyond the minimum requirements."
180 Degree Capital Announces Shareholder Approval for Business Combination Proposals
180 Degree Capital announced the results from its special meeting of shareholders to approve the proposed all-stock merger with Mount Logan Capital that was held earlier this morning. The company reported that Proposal No. 1, the Business Combination Proposal, was approved; Proposal No. 2, the Deregistration Proposal, was approved; and Proposal No. 3, the New Mount Logan Equity Incentive Plan Proposal, was approved.
180 Degree Capital and Mount Logan Capital Adjust Terms of Merger
180 Degree Capital (TURN) and Mount Logan Capital (PYCFF) announced that, in response to constructive shareholder feedback received during the proxy solicitation process for the proposed business combination of both companies, the respective boards of directors of each company have agreed to amend the terms of the proposed Business Combination to provide 180 Degree Capital shareholders with an increased number of shares of the merged company - New Mount Logan - valued at 110% of 180 Degree Capital's NAV at closing, an increase from 100% of 180 Degree Capital's NAV. Furthermore, New Mount Logan, together with its management and/or affiliates or related parties, intends to launch, no later than 60 days after closing of the proposed Business Combination, a tender offer for up to $15.0M of its common stock at a price per New Mount Logan share equal to the closing price per share implied by the sum of 180 Degree Capital's NAV at closing and the value ascribed to Mount Logan per the terms of the proposed Business Combination of $67.4M at signing. Additional tenders and/or stock repurchases of up to an additional $10.0M are expected to continue periodically throughout the 24 months following closing of the Business Combination. The price per share of the Liquidity Programs shall be determined by the New Mount Logan Board of Directors and is anticipated to be at or above the New Mount Logan price per share implied by the Closing Merger Value, which is currently a premium of at least 17% to TURN's closing price of approximately $4.42 on August 15. The total amount of the Liquidity Programs represents approximately 50% of 180 Degree Capital's closing NAV. The special meetings of shareholders for 180 Degree Capital and Mount Logan to approve the proposed Business Combination are scheduled for August 22.
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.