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JMP Group LLC (NYSE:JMP) announced that shareholders approved all proposals related to its merger with Citizens Financial Group, Inc. at a special meeting. Approximately 68% of votes favored the merger, which includes Jolt Acquisition LLC as the merger subsidiary. The merger closing is anticipated on November 15, 2021, pending customary conditions. JMP Group operates in investment banking and alternative asset management, providing services to institutional clients and high-net-worth investors.
Positive
Shareholder approval of merger with Citizens Financial Group demonstrates strong support.
Merger expected to enhance operational capabilities and market reach.
Negative
Integration challenges may arise post-merger.
Potential financial strain during the merger transition period.
SAN FRANCISCO--(BUSINESS WIRE)--
JMP Group LLC (“JMP Group”) (NYSE: JMP), an investment banking and alternative asset management firm, announced today that the company’s shareholders have approved at the special meeting of its shareholders (the “Special Meeting”) held today all proposals related to JMP Group’s previously announced Agreement and Plan of Merger, dated as of September 8, 2021 (as it may be amended from time to time, the “merger agreement”), among Citizens Financial Group, Inc. (“Citizens”), Jolt Acquisition LLC (“Merger Sub”), a Delaware limited liability company and a wholly-owned subsidiary of Citizens, and JMP Group (the “merger”), as well as the transactions contemplated by the merger agreement, including the merger of Merger Sub with and into JMP Group.
Approximately 68% of the votes cast at the Special Meeting voted to approve the merger. The formal results of the vote will be included on a Form 8-K to be filed with the U.S. Securities and Exchange Commission.
The closing of the merger is anticipated to take place on November 15, 2021, subject to the satisfaction of certain customary closing conditions or the waiver thereof.
About JMP Group
JMP Group LLC is a diversified capital markets firm that provides investment banking, equity research, and sales and trading services to corporate and institutional clients as well as alternative asset management products and services to institutional and high-net-worth investors. JMP Group conducts its investment banking and research, sales and trading activities through JMP Securities and its venture capital and private capital activities through Harvest Capital Strategies and JMP Asset Management. For more information, visit www.jmpg.com.
