The Herzfeld Caribbean Basin Fund, Inc. Updates Important Dates for Rights Offering
24 Octobre 2023 - 11:25PM
The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the
“Fund”) announced initial terms of its Non-Transferable Rights
Offering (the “Rights Offering”) on August 29, 2023 together with
information about the Fund’s Self-Tender Policy. This press
release updates important dates for the Rights Offering that were
previously announced on October 20, 2023. The Record Date for the
Rights Offering will now be November 3, 2023. Pursuant to the
Rights Offering, the Fund will distribute to Record Date
stockholders one non-transferable right (“Right(s)”) for each share
of the Fund held on the Record Date.
Rights Offering
Rights holders may purchase one share of the
Fund’s common stock for every one Right held. Rights may be
exercised at any time during the subscription period. The
subscription period will begin on November 8, 2023, and end at 5:00
p.m. Eastern time on November 29, 2023 (the “Expiration Date”),
unless the Rights Offering is extended. The subscription price
per share will be set at 92% of the average volume-weighted closing
sale price at which the common stock trades on the NASDAQ Capital
Market on the Expiration Date and the four preceding trading
days. In addition, Record Date stockholders who fully exercise
their rights will be entitled to subscribe for additional shares of
common stock (“Over-Subscription Shares”). The
Over-Subscription Shares will be allocated pro rata to stockholders
who over-subscribe based on the number of rights originally issued
to them. The Fund may increase the number of shares of common
stock subject to subscription by up to 200% of the shares available
pursuant to the Rights Offering.
Subscription certificates evidencing the Rights
and a copy of the prospectus for the Rights Offering (the
“Prospectus”) will be mailed to Record Date stockholders beginning
on or about November 8, 2023. The Rights Offering will be
effected only through the Prospectus.
The Fund has filed a registration statement with
the U.S. Securities and Exchange Commission. The beginning and
expiration dates of the Rights Offering are subject to the
effectiveness of the Fund's registration statement. The
definitive terms of the offer, including the estimated subscription
price, will be contained in the Fund’s Prospectus for the
offer.
Important Dates:
Record Date: |
November 3, 2023 |
Subscription Period Opens: |
November 8, 2023 |
Mailing Date (on or about): |
November 8, 2023 |
Expiration Date: |
November 29, 2023 |
|
|
For additional information on the Fund or the
Rights Offering, or to obtain a Prospectus, please contact the Fund
at 800-TJH-FUND or visit us on the web
at www.herzfeld.com/cuba.
Self-Tender Policy
In addition, the Fund’s Board of Directors has
modified the Fund’s Self-Tender Policy. Under the terms of the
Self-Tender Policy, the Fund has undertaken to commence a tender
offer for its shares of common stock by October 31, 2023. Because
of the uncertainty regarding the timing of the Rights Offer, the
Board of Directors of the Fund modified the Self-Tender Policy to
allow for the Fund to commence the tender offer within a reasonable
amount of time following the conclusion of the Rights Offer. The
formal offer and detailed terms of the tender offer will be
announced following the conclusion of the Rights Offer.
The Fund’s investment adviser is HERZFELD/CUBA,
a division of Thomas J. Herzfeld Advisors, Inc. and the Fund’s
shares trade on the NASDAQ Capital Market under the symbol
“CUBA.” Thomas J. Herzfeld Advisors, Inc. specializes in the
field of closed-end funds. Information about the investment
adviser and the Fund can be found at www.herzfeld.com.
The Fund is a non-diversified, closed-end fund
managed by HERZFELD/CUBA, a division of Thomas J. Herzfeld
Advisors, Inc. (based in Miami Beach). The Fund seeks
long-term capital appreciation. To achieve its objective the
Fund invests in issuers that are likely, in the Advisor’s view, to
benefit from economic, political, structural and technological
developments in countries in the Caribbean Basin, which the Fund
considers to consist of Cuba, Jamaica, Trinidad and Tobago, the
Bahamas, the Dominican Republic, Barbados, Aruba, Haiti, the
Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico,
Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia,
Venezuela and the United States (Caribbean Basin Countries).
Investments in the Fund involve
risks. Investing in companies of Caribbean Basin Countries may
present certain unique risks not associated with domestic
investments, such as currency fluctuation, political and economic
changes and market risks. These factors may result in greater
share price volatility.
Shares of closed-end funds frequently trade at a
discount to their net asset value (NAV). The price of the
Fund’s shares is determined by a number of factors, several of
which are beyond the control of the Fund. Therefore, the Fund
cannot predict whether its shares will trade at, below or above
NAV.
Before investing in the Fund, investors should
carefully consider the investment objective, risks, and charges and
expenses of the Fund. This information can be found in the
Fund’s prospectus on file with the Securities and Exchange
Commission. An investor should carefully read the Fund’s
prospectus before investing.
Participating stockholders will be required to
initially pay for the Shares subscribed for in the offer as well as
any additional shares subscribed for as part of the
over-subscription privilege at the estimated subscription
price.
This announcement is not an offer to
sell these securities and the Fund is not soliciting an offer to
buy these securities in any state where the offer or sale is not
permitted. The Offer will be made only by means of a
prospectus and only after the registration statement on file with
the U.S. Securities and Exchange Commission (the “Commission”) has
been declared effective by the Commission. The final terms of
the Offer may be different from those discussed above.
NASDAQ Capital Market: CUBACUSIP: 42804T106
Contact Information:
For further information contact:Tom
Morgan305.777.1660
Thomas J. Herzfeld Advisors, Inc.119 Washington Avenue, Suite
504Miami Beach, FL 33139www.herzfeld.com
Herzfeld Caribbean Basin (NASDAQ:CUBA)
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