TURN News & Events

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.

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.

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."