EFC

Ellington Financial, Great Ajax Announce Mutual Termination Of Merger Agreement

(RTTNews) - Real estate investment trust Ellington Financial Inc. (EFC) and Great Ajax Corp. (AJX) Friday, jointly announced that they have agreed to terminate the merger agreement announced on July 3, 2023, effective immediately.

The termination was approved by both companies' boards of directors after careful consideration of the proposed merger and the progress made towards completing the proposed merger.

In addition, Ellington Financial has agreed to pay Great Ajax $16 million of which $5 million is payable in cash and $11 million was paid as consideration for 1,666,666 shares of Great Ajax common stock, which were purchased at a per share price of $6.60.

Ellington Financial will now hold approximately 6.1% of Great Ajax's stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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