This afternoon, Trinity Merger Corp. (TMCX), announced the shareholder approval of their combination with Broadmark real estate lending companies (“Broadmark”). Additionally, the proposal to amend Trinity’s public warrants was also approved.
Upon completion of the business combination, the company will be renamed Broadmark Realty Capital Inc. (“Broadmark Realty”), and operate as an internally managed real estate investment trust (REIT). Broadmark Realty will specialize in short-term financing for the acquisition, renovation and development of residential and commercial properties.
Additionally, Broadmark Realty is expected to trade on the NYSE Amex under the symbols BRMK and BRMK.WS, for their common stock and warrants, respectively, and the business combination is expected to close later this week. However, there will potentially be a second shareholder vote on Friday, to extend the company’s deadline one-month if the combination needs more time to close. This is due to the fact that Trinity’s completion deadline is Sunday, November 17th. As a result, if Trinity needs a few extra days, they will need to extend.
This is a bit of an unusual situation in that even though the combination has already been approved, shareholders could potentially have a second chance at redeeming. Last day to redeem for the Friday vote (if it happens) will be tomorrow, November 13th.
No information was given on number of redemptions or how many shareholders approved for either vote. However, it is unlikely we will receive that information until this combination closes or the second shareholder vote has already taken place. Stay tuned for further developments.
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