First Foundation, FirstSun Tighten Merger Stock Conversion Terms

First Foundation and FirstSun Capital Bancorp have amended their merger agreement to tighten conversion rights on a new class of FirstSun non-voting common stock. This amendment removes the ability for voluntary conversion into voting common stock up to a 4.99% ownership threshold, instead allowing conversion only to maintain pre-existing ownership levels if a FirstSun action reduces a holder’s voting securities percentage. All other financial aspects of the merger remain unchanged, indicating an effort to control the distribution of voting power without altering economic terms.