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Care Investment Trust Inc Announces Completion Of Business Combination With Majority Stockholder; Changes Name To Tiptree Financial Inc


Wednesday, 3 Jul 2013 06:25pm EDT 

Care Investment Trust Inc now known as Tiptree Financial Inc announced the completion of its previously-announced transaction (Transaction) with Tiptree Financial Partners, L.P. (Tiptree LP) to combine their businesses into a single operating company that will hold and manage the combined companies' businesses and assets. In connection with the closing of the Transaction, the Company, formerly known as Care Investment Trust Inc., changed its name to Tiptree Financial Inc. and will remain a public company. The Company is seeking a listing of its common stock on a national securities exchange, but no assurance can be made as to the Company's ultimate ability to do so. Pursuant to the Contribution Agreement, the Company renamed its existing common stock as Class A common stock with no change in the economic or voting rights of such stock, and reclassified a certain number of authorized and unissued shares of common stock as Class B common stock that was issued to Tiptree LP upon the closing of the Transaction. The Company now holds approximately 25% of the membership interests in, and is the managing member of, the Operating Subsidiary, and Tiptree LP now holds approximately 75% of the membership interests in the Operating Subsidiary plus shares of Class B common stock of the Company, which shares will have proportionate voting rights but no economic rights. 

Company Quote

7.95
0.15 +1.92%
19 Dec 2014