Crossroads Capital Announces Results of Annual and Special Meetings, Delisting of Common Stock
02 Juin 2017 - 11:00PM
Crossroads Capital, Inc. (the “Company”) (NASDAQ:XRDC) announced
the results of its annual and special meetings of stockholders,
both held on June 2, 2017.
At the special meeting, stockholders approved
the withdrawal of the Company’s election to be regulated as a
business development company under the Investment Company Act of
1940. The special meeting was adjourned until June 23, 2017
to permit the Company to voluntarily delist from NASDAQ and to
begin the process of withdrawing the Company’s election to be
regulated as a business development company.
Accordingly, NASDAQ is scheduled to suspend
trading of shares of common stock of the Company at the close of
business on June 12, 2017.
When the special meeting is reconvened on June
23, 2017, stockholders will vote to approve the conversion of the
Company into a Liquidating Trust. The Liquidating Trust will
oversee further portfolio liquidations. The Company expects
the Liquidating Trust to make an initial distribution of cash to
trust beneficiaries in the amount of $1.60 per unit of beneficial
interest shortly after conversion.
At the annual meeting, stockholders elected
Phillip Goldstein, Andrew Dakos and Gerald Hellerman to serve as
directors for one-year terms, and ratified the selection of Tait,
Weller & Baker, LLP as the Company’s independent registered
public accountant for the fiscal year ending December 31, 2017.
About Crossroads Capital,
Inc. Crossroads Capital, Inc. (www.xroadscap.com) is
a closed-end fund regulated as a business development company under
the Investment Company Act of 1940. On April 17, 2017, the Company
filed a definitive proxy statement for a special meeting of
stockholders with the SEC seeking approval for a Plan of
Liquidation pursuant to which the Company plans to convert into a
liquidating trust with the sole purpose of liquidating the
Company’s assets and distributing the proceeds to its stockholders
and related matters.
Forward-Looking
Statements This press release may contain statements
of a forward-looking nature relating to future events. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These
statements reflect Crossroads Capital’s current beliefs, and a
number of important factors could cause actual results to differ
materially from those expressed in this press release, including
the factors set forth in “Risk Factors” set forth in Crossroads
Capital’s Form 10-K and Form 10-Q filed with the Securities and
Exchange Commission (“SEC”), and subsequent filings with the SEC.
Please refer to Crossroads Capital’s SEC filings for a more
detailed discussion of the risks and uncertainties associated with
its business, including but not limited to the risks and
uncertainties associated with investing in micro- and small-cap
companies. Except as required by the federal securities laws,
Crossroads Capital undertakes no obligation to revise or update any
forward-looking statements, whether as a result of new information,
future events or otherwise. The reference to Crossroads Capital’s
website has been provided as a convenience, and the information
contained on such website is not incorporated by reference into
this press release.
Investor Relations Contact:
Ben H. Harris
Chief Executive Officer and President
(402) 261-5345
ben@xroadscap.com
Crossroads Capital, Inc. (NASDAQ:XRDC)
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