Cornerstone Strategic Value Fund, Inc. Announces the Commencement of Its Rights Offering
July 18 2017 - 9:15AM
Cornerstone Strategic Value Fund, Inc. (the “Fund”) (NYSE MKT:CLM)
announced today that the subscription period for its rights
offering to holders of the Fund’s common stock will commence
shortly after the record date.
The Fund is issuing to its stockholders non-transferable rights
entitling the holders to subscribe for an aggregate of 9,667,308
shares of common stock. Each stockholder is to be issued one right
for each whole share owned on the record date, July 17, 2017.
The rights entitle stockholders to acquire one share for each
three rights held. The subscription period will commence shortly
after the record date, and will expire at 5:00 p.m., EDT, on
Friday, August 25, 2017, (the “Expiration Date”) unless
extended. The actual subscription price per share, as
determined on the Expiration Date, will be the greater of (i) 107%
of the net asset value per share as calculated at the close of
trading on the Expiration Date or (ii) 90% of the market price per
share at such time.
Cornerstone Strategic Value Fund, Inc. is a closed-end,
diversified management investment company and is registered with
the U.S. Securities & Exchange Commission (‘SEC”) under the
Investment Company Act of 1940, as amended.
Cornerstone Strategic Value Fund, Inc. is traded on the NYSE MKT
LLC under the trading symbol “CLM”. The Fund’s investment adviser
is Cornerstone Advisors, Inc., which also serves as the investment
adviser to another closed-end fund, Cornerstone Total Return Fund,
Inc. (NYSE MKT:CRF). For more information regarding Cornerstone
Strategic Value Fund, Inc. or Cornerstone Total Return Fund, Inc.
please visit www.cornerstonestrategicvaluefund.com, and
www.cornerstonetotalreturnfund.com.
Past performance is no guarantee of future
performance. An investment in the Fund is subject to certain risks,
including market risk. In general, shares of closed-end funds often
trade at a discount from their net asset value and at the time of
sale may be trading on the exchange at a price that is more or less
than the original purchase price or the net asset value. An
investor should carefully consider the Fund’s investment objective,
risks, charges and expenses. Please read the Fund’s disclosure
documents before investing.
In addition to historical information, this
report contains forward-looking statements, which may concern,
among other things, domestic and foreign markets, industry and
economic trends and developments and government regulation and
their potential impact on the Fund’s investment portfolio. These
statements are subject to risks and uncertainties, including the
factors set forth in the Fund’s disclosure documents, filed with
the SEC, and actual trends, developments and regulations in the
future, and their impact on the Fund could be materially different
from those projected, anticipated or implied. The Fund has no
obligation to update or revise forward-looking statements.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale
of the securities in any state in which such offer, solicitation or
sale would be unlawful under the securities laws of any such
state.
Please consider the Fund’s investment objective, risks,
charges and expenses carefully before investing. The prospectus,
which contains this and other information about the Fund, can be
obtained by calling toll-free at (800) 581-4001 and should be read
carefully before investing.
Contact:
Investor Inquiries
(866) 668-6558