SuRo Capital Corp. Announces Expansion of Share Repurchase Program
March 14 2022 - 4:05PM
SuRo Capital Corp. (“SuRo Capital”, the
“Company”, “we”, “us”, and “our”) (Nasdaq:
SSSS) today announced its Board of Directors has
increased the amount of common shares that may be repurchased under
the Share Repurchase Program by $15 million to $55 million
aggregate.
“As we have consistently demonstrated, SuRo
Capital is committed to initiatives that enhance shareholder value
and we believe the market is currently undervaluing our portfolio.
Accordingly, our Board of Directors has authorized an additional
$15 million for share repurchases, bringing our Share Repurchase
Program total to $55 million. Given the significant discount at
which our stock is trading compared to net asset value, coupled
with the extreme market volatility, we determined that this
authorization is an efficient and accretive deployment of capital,”
said Mark Klein, Chairman and Chief Executive Officer of SuRo
Capital.
Share Repurchase Program
Since inception of the Share Repurchase Program
in August 2017, SuRo Capital has repurchased 4,823,332 shares of
its common stock for an aggregate purchase price of approximately
$30 million.
On March 13, 2022, the Company’s Board of
Directors authorized a $15 million expansion of the Share
Repurchase Program to $55 million. The dollar value of shares that
may yet be purchased by the Company under the Share Repurchase
Program is approximately $25 million. The Share Repurchase Program
is authorized through October 31, 2022.
Under the Share Repurchase Program, the Company
may repurchase its outstanding common stock in the open market
provided that it complies with the prohibitions under its insider
trading policies and procedures and the applicable provisions of
the Investment Company Act of 1940, as amended, and the Securities
Exchange Act of 1934, as amended.
About SuRo Capital Corp.
SuRo Capital Corp. (Nasdaq: SSSS) is a publicly
traded investment fund that seeks to invest in high-growth,
venture-backed private companies. The fund seeks to create a
portfolio of high-growth emerging private companies via a
repeatable and disciplined investment approach, as well as to
provide investors with access to such companies through its
publicly traded common stock. SuRo Capital is headquartered in New
York, NY and has offices in San Francisco, CA. Connect with the
company on Twitter, LinkedIn, and at www.surocap.com.
ContactSuRo Capital Corp.(212)
931-6331IR@surocap.com
Media ContactBill
DouglassGotham Communications, LLCCommunications@surocap.com
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