The Herzfeld Caribbean Basin Fund, Inc. Announces Estimated Subscription Price for Rights Offering
03 Novembre 2023 - 9:48PM
The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the
“Fund”) announced a $2.7919 estimated subscription price for its
Non-Transferable Rights Offering (“Rights Offering”).
Subscription Certificates evidencing the Rights
and a copy of the prospectus for the Rights Offering (the
“Prospectus”) will be mailed to stockholders of record on November
3, 2023 (“Record Date”) beginning on or about November 8,
2023. The Rights Offering will be effected only through the
Prospectus.
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 will 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 (as defined
below) 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. If enough
shares are available, all over-subscription requests will be
honored in full. If requests for shares exceed the shares
available, the Fund may determine after the expiration of the
Rights Offering, at the discretion of the Fund, to issue additional
shares of common stock by up to 200% of the shares available
pursuant to the Rights Offering in order to cover such
over-subscription requests. Regardless of whether the Fund issues
such additional shares, to the extent shares are not available to
honor all requests, the available shares will be allocated pro rata
among those Record Date stockholders who over-subscribe based on
the number of Rights originally issued to them by the Fund.
The Fund has filed a registration statement with
the U.S. Securities and Exchange Commission, which was declared
effective on October 27, 2023. The definitive terms of the offer
are 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.
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 former
Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico,
Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia,
Venezuela, Guyana 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 Rights Offering
as well as any additional shares subscribed for as part of the
over-subscription privilege at the estimated subscription
price.
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.
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 Rights Offering 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 Rights Offering may be different from those discussed
above.
NASDAQ Capital Market: CUBACUSIP: 42804T106
Contact Information:
For further information contact:Tom
Morgan305.777.1660Thomas J. Herzfeld Advisors, Inc.119 Washington
Avenue, Suite 504Miami Beach, FL 33139www.herzfeld.com
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