NOVATO, Calif., April 26, 2023 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ: HNNA) today announced that it has
signed a definitive agreement with Community Capital Management,
LLC ("CCM") related to the management of the CCM Core Impact Equity
Fund and the CCM Small/Mid-Cap Impact Value Fund (the "CCM Equity
Funds"). The CCM Equity Funds have current assets of approximately
$70 million. The transaction is expected to be completed
during calendar year 2023. Pending approval by shareholders
of the CCM Equity Funds, upon completion of the transaction, the
CCM Equity Funds will be reorganized into the Hennessy Stance ESG
Large Cap ETF, which will be renamed the Hennessy Stance ESG ETF as
of April 28, 2023 (referred to herein
as the "Hennessy Stance ESG ETF"). Hennessy Advisors, Inc. is the
investment advisor of the Hennessy Stance ESG ETF and Stance
Capital, LLC and Vident Investment Advisory, LLC are investment
sub-advisors to the Hennessy Stance ESG ETF.
"At CCM, we primarily provide fixed income portfolios that
include impact and environmental, social, and governance factors.
We are confident that we've found the right home for our equity
mutual fund shareholders with the Hennessy Stance ESG ETF, which
has delivered strong returns coupled with social consciousness,"
said Alyssa Greenspan, CEO and
President of CCM. "We believe the acquisition will benefit
our equity fund shareholders," she added.
"We are excited to welcome the CCM Equity Funds' shareholders
into the Hennessy family of funds. The CCM Equity Funds are a
natural fit into our ETF, which seeks to align investors' capital
with their values while striving to outperform the overall market,"
stated Neil Hennessy, CEO and
Chairman of Hennessy Advisors, Inc. "At Hennessy, we put our
shareholders first while delivering strong investment management,
quality customer service, and high standard of business ethics. We
are committed to a smooth transition for the CCM shareholders."
The transaction is subject to customary closing conditions,
including approval by the Board of Trustees of Hennessy Funds
Trust, the Board of Trustees of the Quaker Investment Trust, and
the shareholders of the CCM Equity Funds. The transaction has been
structured with the intention that it qualify, for federal income
tax purposes, as a tax–free reorganization under the Internal
Revenue Code of 1986, as amended. Therefore, shareholders of the
CCM Equity Funds should not recognize any gain or loss for federal
income tax purposes as a result of the transaction.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager
offering a broad range of domestic equity, multi-asset, and sector
and specialty funds. Hennessy Advisors, Inc. is committed to
providing superior service to shareholders and employing a
consistent and disciplined approach to investing based on a buy and
hold philosophy that rejects the idea of market timing.
About Community Capital Management, LLC
Community Capital Management, LLC (CCM) is an investment adviser
registered with the Securities and Exchange Commission. CCM was
founded in 1998 and manages $4
billion in assets. The firm's mission seeks to deliver
superior risk-adjusted returns through investment strategies that
contribute to positive environmental and social outcomes. In late
2017, CCM was appointed advisor to the Quaker family of funds and
presently manage the CCM Small/Mid-Cap Impact Value Fund and CCM
Core Impact Equity Fund. For more information, please visit:
www.ccminvests.com.
Additional Information
Nothing in this press release
shall be considered a solicitation to buy or an offer to sell a
security to any person in any jurisdiction where such offer,
solicitation, purchase, or sale would be unlawful under the
securities laws of such jurisdiction.
This press release contains forward-looking statements, which do
not relate strictly to historical or current facts. Forward-looking
statements are beyond the ability of Hennessy Advisors, Inc. to
control and, in many cases, Hennessy Advisors, Inc. cannot predict
what factors would cause actual results to differ materially from
those indicated by forward-looking statements. Among other risks
and uncertainties is the ability of Hennessy Advisors, Inc. to
successfully merge the assets of the CCM Equity Funds into the
Hennessy Stance ESG ETF. As a result, no assurance can be given as
to future results, levels of activity, performance, or
achievements, and Hennessy Advisors, Inc. assumes no responsibility
for the accuracy and completeness of any forward-looking
statements.
This press release is for informational purposes only and is not
intended to and does not constitute an offer to sell or the
solicitation of an offer to sell or an offer to buy or subscribe
for any securities or a solicitation of any vote or approval with
respect to the transactions contemplated herein or otherwise, nor
shall there be any offer, solicitation or sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities in
the United States shall be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act of 1933, as amended, and otherwise in
accordance with applicable law.
In soliciting shareholder approval of the transactions, Quaker
Investment Trust and its trustees, CCM, as well as Hennessy
Advisors, Inc., may be deemed to be participants in the
solicitation of proxies from shareholders of the CCM Equity Funds.
Information about Quaker Investment Trust and its trustees may be
found in the 2022 Annual Report of the CCM Equity Funds filed with
the SEC on August 9, 2022, and in the
Statement of Additional Information filed with the SEC on
October 28, 2022. Information about CCM may be found in
its Form ADV filed with the SEC on February
3, 2023. Information about Hennessy Advisors, Inc. may be
found in the 2022 Annual Report of Hennessy Advisors, Inc. on Form
10-K filed with the SEC on December 7,
2022, and the definitive proxy statement filed with the SEC
on December 13, 2022, in connection
with Hennessy Advisors Inc.'s 2022 annual meeting of
shareholders. Information about the Hennessy Stance ESG ETF
may be found in the amended 2022 Annual Report of the Stance Equity
ESG Large Cap Core ETF, a series of The RBB Fund, Inc., the
predecessor to the Hennessy Stance ESG ETF, filed with the SEC on
March 14, 2023, and in the Prospectus and Statement of
Additional Information of the Hennessy Stance ESG ETF, as a series
of Hennessy Fund Trust, filed with the SEC on December 22, 2022. Shareholders of the CCM Equity
Funds should read the definitive prospectus/proxy statement that
will be filed in connection with the solicitation because it will
contain important information, including a description of any
direct or indirect interest of the participants in the
solicitation. The definitive prospectus/proxy statement and other
relevant documents (when available) may be obtained free of charge
from the SEC's website at www.sec.gov or by calling
1-800-966-4354.
Investors should consider the investment objective, risks,
charges, and expenses of the CCM Equity Funds carefully before
investing. A prospectus with this and other information may be
obtained at www.ccminvests.com or by calling 888–272-0007. Read the
prospectus carefully before investing.
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SOURCE Hennessy Advisors, Inc.