An unknown buyer entered into a definitive merger agreement to acquire remaining 34.4% stake in Vestin Realty Mortgage I, Inc (OTCPK:VRTA) for $1.2 million on May 18, 2022. The buyer will acquire all outstanding minority shares of common stock of Vestin for $4.01 per share in an all-cash transaction valued at approximately $1.16 million. The buyer currently owns approximately 65.6% of Vestin common stock. Upon completion of the transaction, Vestin will be renamed as Suncrest Holdings, LLC, its common stock will no longer be listed on any public market and its separate corporate existence will cease. The transaction is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Vestin stockholders and is not subject to financing conditions. The Vestin board of directors approved the definitive merger agreement following the recommendation of a special committee of the board that had previously been formed to oversee and review strategic alternatives for the company. The transaction is expected to close by the end of the second quarter or early in the third quarter of 2022.

Cogent Valuation acted as financial advisor and fairness opinion provider to Vestin Realty Mortgage I, Inc. Saul Ewing Arnstein & Lehr LLP is acting as legal counsel to the special committee of the board of directors of Vestin. Snell & Wilmer is acting as legal counsel to the buyer.

An unknown buyer completed the acquisition of remaining 34.4% stake in Vestin Realty Mortgage I, Inc (OTCPK:VRTA) on July 5, 2022.