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On August 25, 2020, Broadway Financial Corporation, a Delaware corporation (the "Company"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with CFBanc Corporation, a District of Columbia benefit corporation ("City First").
The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, (1) City First will merge with and into the Company (the "Merger"), with the Company surviving and continuing as the surviving entity in the Merger (the "Surviving Entity"), (2) at the effective time of the Merger (the "Effective Time"), each share of City First's Class A Common Stock, par value $0.50 per share (the "City First Class A Common Stock"), and Class B Common Stock, par value $0.50 per share (the "City First Class B Common Stock" and, together with the City First Class A Common Stock, the "City First Common Stock")...
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