Fundamental Partners III LP and Fundamental Partners IV LP, funds of Fundamental Advisors, LP entered into a definitive merger agreement to acquire MMA Capital Holdings, Inc. (NasdaqCM:MMAC) for approximately $160 million on May 24, 2021. Under the terms of the agreement, holders of MMA Capital Holdings's common stock will upon the closing of the merger receive $27.77 per share in cash. For the first 45 days following the signing of the Merger Agreement (the “Go-Shop Period”), MMA Capital will be permitted to initiate, solicit, and encourage competing bids and negotiate competing Company Acquisition Proposals (as defined in the Merger Agreement) (the “Go-Shop Process). Upon a termination of the Merger Agreement, the MMA Capital will be required to pay a termination fee of $4.85 million. The transaction is subject to customary closing conditions, including the approval of MMA Capital Holdings's stockholders. The agreement has been approved by MMA Capital Holdings's Board of Directors upon the unanimous recommendation of a transaction committee consisting of all disinterested directors. the expiration or termination of any waiting period applicable under the Hart-Scott-Rodino act. The shareholders of MMA Capital Holdings approved the transaction on August 10, 2021. The transaction is currently expected to close in the third quarter of 2021. TD Securities (USA) LLC provided opinion to Transaction Committee. TD Securities (USA) LLC is serving as exclusive financial advisor while Tony Rothermel, Spencer Johnson and John Anderson of King & Spalding LLP and Stephen A. Goldberg of Gallagher Evelius & Jones LLP are serving as legal advisors to MMA Capital Holdings, Inc. Houlihan Lokey is serving as financial advisor and David Grinberg and Payom Pirahesh of Sidley Austin LLP is serving as legal advisor to Fundamental Advisors, LP. Broadridge Financial Solutions, Inc. (NYSE:BR) acted as information agent to MMA Capital and will receive a fee of $30,000 for its services. MMAC has agreed to pay TD Securities an aggregate fee of approximately $2.5 million for its services, $0.5 million of which became payable prior to the date of its opinion, $0.5 million of which became payable upon delivery of its opinion and the remainder of which is payable contingent upon consummation of the Merger Fundamental Partners III LP and Fundamental Partners IV LP, funds of Fundamental Advisors, LP completed the acquisition of MMA Capital Holdings, Inc. (NasdaqCM:MMAC) on August 13, 2021. As a result of the closing of the transaction, MMAC’s common shares will be delisted from the NASDAQ exchange.