SuRo Capital Corp. Announces Expiration and Final Results of Tender Offer
September 06 2022 - 1:32PM
SuRo Capital Corp. (“SuRo Capital” or the
“Company”) (Nasdaq:
SSSS) today announced
its final results from its modified “Dutch Auction” tender offer
(the “Tender Offer”). The Company’s Tender Offer expired at 5:00
P.M., Eastern Time, on September 2, 2022. The Tender Offer was made
pursuant to an Offer to Purchase dated August 8, 2022 and the
related Letter of Transmittal, by which the Company offered to
purchase up to 2,000,000 shares of its common stock at a price per
share not less than $6.00 and not greater than $7.00 in $0.10
increments, using available cash, which documents were filed with
the Securities and Exchange Commission on August 8, 2022.
In accordance with the Company’s previously
announced Tender Offer, and based on the final count by American
Stock Transfer & Trust Company, LLC, the depositary for the
Tender Offer, the Company will repurchase 2,000,000 shares,
representing 6.6% of its outstanding shares, for payment on or
about September 12, 2022, at a price of $6.60 per share on a pro
rata basis, excluding fees and expenses relating to the self-tender
offer. The per share purchase price of properly tendered shares
represents 71.4% of net asset value (“NAV”) per share based as of
June 30, 2022. The Company has determined that the proration factor
for the tender offer is approximately 66.7%. The Company is funding
the repurchase of shares in the Tender Offer using a portion of its
cash on hand.
The information agent for the Tender Offer is
D.F. King & Co. Inc., and the depositary is American Stock
Transfer & Trust Company, LLC. For questions and information,
please contact the information agent at suro@dfking.com. Banks and
brokers may call the information agent at (212) 269-5550, and all
others may call the information agent toll-free at (800)
769-4414.
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.(212)
931-6331IR@surocap.com
Media ContactBill
DouglassGotham Communications, LLCCommunications@surocap.com
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