SuRo Capital Corp. Announces Expiration and Final Results of Tender Offer
April 03 2024 - 9:00AM
SuRo Capital Corp. (“SuRo Capital” or the
“Company”) (Nasdaq:
SSSS) today announced
its final results from its modified “Dutch Auction” tender offer
(the “Tender Offer”). The Company’s Tender Offer expired at 5:00
P.M., Eastern Time, on April 1, 2024. The Tender Offer was made
pursuant to an Offer to Purchase dated February 20, 2024 and the
related Letter of Transmittal, by which the Company offered to
purchase up to 2,000,000 shares of its common stock at a price per
share not less than $4.00 and not greater than $5.00 in $0.10
increments, using available cash, which documents were filed with
the Securities and Exchange Commission on February 20, 2024.
In accordance with the Company’s previously
announced Tender Offer, and based on the final count by Equiniti
Trust Company, LLC, the depositary for the Tender Offer, the
Company will repurchase 2,000,000 shares, representing 7.9% of its
outstanding shares, for payment on or about April 5, 2024, at a
price of $4.70 per share on a pro rata basis, excluding fees and
expenses relating to the self-tender offer. The per share purchase
price of properly tendered shares represents 58.8% of net asset
value (“NAV”) per share based as of December 31, 2023. The Company,
in conjunction with Equiniti Trust Company, LLC, has determined the
final proration factor for the tender offer is approximately 69.3%.
The Company is funding the repurchase of shares in the Tender Offer
using a portion of its cash on hand.
The information agent for the Tender Offer is
D.F. King & Co. Inc., and the depositary is Equiniti Trust
Company, LLC. For questions and information, please contact the
information agent at suro@dfking.com. Banks and brokers may call
the information agent at (212) 269-5550, and all others may call
the information agent toll-free at (877) 361-7972.
Forward-Looking Statements
Statements included herein, including statements
regarding SuRo Capital's beliefs, expectations, intentions, or
strategies for the future, may constitute "forward-looking
statements". SuRo Capital cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements. All forward-looking statements
involve a number of risks and uncertainties, including the impact
of any market volatility that may be detrimental to our business,
our portfolio companies, our industry, and the global economy, that
could cause actual results to differ materially from the plans,
intentions, and expectations reflected in or suggested by the
forward-looking statements. Risk factors, cautionary statements,
and other conditions which could cause SuRo Capital's actual
results to differ from management's current expectations are
contained in SuRo Capital's filings with the Securities and
Exchange Commission. SuRo Capital undertakes no obligation to
update any forward-looking statement to reflect events or
circumstances that may arise after the date of this press
release.
About SuRo Capital Corp.
SuRo Capital Corp. (Nasdaq: SSSS) is a publicly traded
investment fund that seeks to invest in high-growth, venture-backed
private companies. The fund seeks to create a portfolio of
high-growth emerging private companies via a repeatable and
disciplined investment approach, as well as to provide investors
with access to such companies through its publicly traded common
stock. SuRo Capital is headquartered in New York, NY and has
offices in San Francisco, CA. Connect with the company on X,
LinkedIn, and at www.surocap.com.
ContactSuRo Capital Corp.(212)
931-6331IR@surocap.com
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