SuRo Capital Corp. (“SuRo Capital”, the
“Company”, “we”, “us”, and “our”) (Nasdaq:
SSSS) today provided the following preliminary
update on its investment portfolio for the first quarter ended
March 31, 2022.
“As we have done in the past and given that last
quarter was one of the most volatile quarters for equity markets in
the past couple years, we are providing a preliminary quarter end
update for our shareholders. Based on information presently
available, for the quarter ended March 31, 2022, we anticipate SuRo
Capital’s net asset value to be approximately $11.85 to $12.55 per
share, inclusive of the effect of the $0.11 per share dividend
declared during the quarter,” said Mark Klein, Chairman and Chief
Executive Officer of SuRo Capital. SuRo Capital’s net asset value
per share as of December 31, 2021 was $11.72 per share, or $11.61
adjusted for $0.11 in dividends declared during the first
quarter.
Klein continued, “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, last month, our Board of
Directors authorized an additional $15 million for share
repurchases. In the past month, we have repurchased over 280,000
shares for approximately $2.4 million. Given the significant
discount at which our stock is trading compared to net asset value,
coupled with the extreme market volatility, we determined the
current continuation of the Share Repurchase Program to be an
efficient and accretive deployment of capital.”
As previously reported, SuRo Capital’s net
assets totaled approximately $364.8 million, or $11.72 per share,
at December 31, 2021 and approximately $436.0 million, or $18.01
per share, at March 31, 2021. As of March 31, 2022, SuRo Capital’s
net asset value is estimated to be between $11.85 to $12.55 per
share. This range includes a customary discount to the quarter-end
pricing of public shares subject to certain lock up provisions at
quarter-end.
As of March 31, 2022, there were 31,164,443
shares of the Company’s common stock outstanding.
Share Repurchase Program
Since inception of the Share Repurchase Program
in August 2017, SuRo Capital has repurchased over 5 million shares
of its common stock for an aggregate purchase price of
approximately $32.8 million.
On March 13, 2022, the Company’s Board of
Directors authorized a $15 million expansion of the Share
Repurchase Program to $55 million. Through March 31, 2022, under
the Share Repurchase Program, the Company repurchased 153,517
shares of its common stock for approximately $1.4 million.
Subsequent to quarter end, the Company repurchased 126,566 shares
of its common stock for approximately $1.1 million. The dollar
value of shares that may yet be purchased by the Company under the
Share Repurchase Program is approximately $22.2 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 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.
Preliminary Estimates and
Guidance
The preliminary financial estimates provided
herein are unaudited and have been prepared by, and are the
responsibility of, the management of SuRo Capital. Neither our
independent registered public accounting firm, nor any other
independent accountants, have audited, reviewed, compiled, or
performed any procedures with respect to the preliminary financial
data included herein. Actual results may differ materially.
The Company expects to announce its first
quarter results in early May 2022.
Forward-Looking Statements
Statements included herein, including statements
regarding SuRo Capital's beliefs, expectations, intentions, or
strategies for the future, may constitute "forward-looking
statements". SuRo Capital cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements. All forward-looking statements
involve a number of risks and uncertainties, including the impact
of the COVID-19 pandemic and any market volatility that may be
detrimental to our business, our portfolio companies, our industry,
and the global economy, that could cause actual results to differ
materially from the plans, intentions, and expectations reflected
in or suggested by the forward-looking statements. Risk factors,
cautionary statements, and other conditions which could cause SuRo
Capital's actual results to differ from management's current
expectations are contained in SuRo Capital's filings with the
Securities and Exchange Commission. SuRo Capital undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances that may arise after the date of this press
release.
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.(650)
235-4769IR@surocap.com
Media ContactBill
DouglassGotham Communications, LLCCommunications@surocap.com
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