RiverNorth Capital and Income Fund, Inc.* Announces Transferable Rights Offering
21 Décembre 2022 - 11:00PM
Business Wire
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) (the
“Fund”) announces that its Board of Directors (the “Board”) has
authorized and set the terms of an offering to the Fund’s
stockholders of rights to purchase additional shares of common
stock of the Fund.
In this offering, the Fund will issue transferable subscription
rights (“Rights”) to its stockholders of record as of January 6,
2023 (the “Record Date” and such stockholders, “Record Date
Stockholders”) allowing the holder to subscribe for new shares of
common stock of the Fund (the “Primary Subscription”). Record Date
Stockholders will receive one Right for each share of common stock
held on the Record Date. For every three Rights held, a holder of
Rights may buy one new share of common stock of the Fund. Record
Date Stockholders who exercise their Rights will not be entitled to
distributions payable during January 2023 on shares issued in
connection with the Rights Offering, but they will be entitled to
distributions payable during February 2023 on these shares. The
Rights are expected to be listed and tradable on the New York Stock
Exchange (“NYSE”) under the ticker: RSF.RT.
Record Date Stockholders who fully exercise all Rights initially
issued to them in the Primary Subscription will be entitled to buy
those shares of common stock that are not purchased by other Record
Date Stockholders.
The subscription price per share of common stock will be
determined based upon a formula equal to 90% of the reported net
asset value or 95% of the market price per share of common stock,
whichever is higher on the Expiration Date (as defined below).
Market price per share of common stock will be determined based on
the average of the last reported sales price of a share of common
stock on the NYSE for the five trading days preceding (and not
including) the Expiration Date. The subscription period will expire
on January 27, 2023, unless extended by the Board (the “Expiration
Date”).
The rights offering will be made pursuant to the Fund’s
currently effective shelf registration statement on file with the
Securities and Exchange Commission (“SEC”) and only by means of a
prospectus supplement and accompanying prospectus. A final
prospectus supplement and accompanying prospectus will be filed
with the SEC but has not been filed as of the date of this release.
The Company expects to mail subscription certificates evidencing
the subscription rights and a copy of the prospectus supplement and
accompanying prospectus for the rights offering shortly following
the Record Date. These securities described in this release may not
be sold nor may offers to purchase be accepted prior to the time
the prospectus supplement and accompanying prospectus are filed
with the SEC.
This press release shall not constitute an offer to sell or
constitute a solicitation of an offer to buy.
*Formerly known as RiverNorth Specialty Finance Corporation.
__________
RiverNorth Capital and Income Fund, Inc.
The investment objective of the Fund is to seek a high level of
current income. Fund had approximately $58.6 million of net assets
and 3.3 million shares of common stock outstanding as of November
30, 2022.
The Fund is a closed-end fund and does not continuously issue
stock for sale as open-end mutual funds do. The Fund now trades in
the secondary market. Investors wishing to buy or sell stock need
to place orders through an intermediary or broker. The share price
of a closed-end fund is based on the market value.
Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may
receive little or no return on your investment or even that you may
lose part or all of your investment. Therefore, before investing in
the shares of common stock, you should consider the risks as well
as the other information in the prospectus, annual report and
semi-annual report.
Past performance is no guarantee of future results.
See the Prospectus for a more detailed description of Fund
risks.
The profitability of specialty finance and other financial
companies is largely dependent upon the availability and cost of
capital funds and may fluctuate significantly in response to
changes in interest rates, as well as changes in general economic
conditions. If the borrower of Alternative Credit (as defined
below) in which the Fund invests is unable to make its payments on
a loan, the Fund may be greatly limited in its ability to recover
any outstanding principal and interest under such loan, as (among
other reasons) the Fund may not have direct recourse against the
borrower or may otherwise be limited in its ability to directly
enforce its rights under the loan, whether through the borrower or
the platform through which such loan was originated, the loan may
be unsecured or under collateralized, and/or it may be
impracticable to commence a legal proceeding against the defaulting
borrower. Substantially all of the Alternative Credit in which the
Fund invests will not be guaranteed or insured by a third party. In
addition, the Alternative Credit Instruments in which the Fund may
invest will not be backed by any governmental authority.
Prospective borrowers supply a variety of information regarding the
purpose of the loan, income, occupation and employment status (as
applicable) to the lending platforms. As a general matter,
platforms do not verify the majority of this information, which may
be incomplete, inaccurate, false or misleading. Prospective
borrowers may misrepresent any of the information they provide to
the platforms, including their intentions for the use of the loan
proceeds. Alternative Credit Instruments are generally not rated by
the nationally recognized statistical rating organizations
(“NRSROs”). Such unrated instruments, however, are considered to be
comparable in quality to securities falling into any of the ratings
categories used by such NRSROs to classify "junk" bonds (i.e.,
below investment grade securities). Accordingly, the Fund’s unrated
Alternative Credit Instrument investments constitute highly risky
and speculative investments similar to investments in “junk” bonds,
notwithstanding that the Fund is not permitted to invest in loans
that are of subprime quality at the time of investment. Although
the Fund is not permitted to invest in loans that are of subprime
quality at the time of investment, an investment in the Fund’s
Shares should be considered speculative and involving a high degree
of risk, including the risk of loss of investment. There can be no
assurance that payments due on underlying loans, including
Alternative Credit, will be made.
Diversification does not ensure a profit or a guarantee
against loss.
The Fund’s investment objectives, risks, charges and expenses
must be considered carefully before investing. The Fund’s
prospectus and most recent periodic reports contain this and other
important information about the investment company and may be
obtained by visiting rivernorth.com/literature or by calling
844.569.4750. Read the Prospectus carefully before
investing.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that
specializes in opportunistic strategies in niche markets where the
potential to exploit inefficiencies is greatest. RiverNorth is the
manager to multiple registered and private funds.
Not FDIC Insured | May Lose Value | No Bank Guarantee Marketing
services provided by ALPS Distributors Inc. ALPS and RiverNorth are
not affiliated. RiverNorth® is a registered trademark of RiverNorth
Capital Management, LLC. ©2000-2022 RiverNorth Capital Management,
LLC. All rights reserved. RVN001632
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221221005601/en/
Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
RiverNorth Capital and I... (NYSE:RSF)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
RiverNorth Capital and I... (NYSE:RSF)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024