Hercules Capital Appoints Scott Bluestein as Chief Executive Officer and President
July 18 2019 - 6:00AM
Business Wire
Robert P. Badavas elected Chairman of the Board
of Directors
Company formally separates the roles of
Chairman and CEO to enhance corporate governance
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or “the
Company”) today announced that its board of directors has appointed
Scott Bluestein as Chief Executive Officer and President, effective
immediately. Mr. Bluestein, who has held several leadership roles
in his nine years with the Company, has served as Hercules’ interim
CEO since March 2019 and as Chief Investment Officer since 2014.
From 2010 through 2013, Mr. Bluestein served as the Company’s Chief
Credit Officer. Mr. Bluestein has also been elected to Hercules’
board of directors.
"The board’s decision reflects our strong belief that Scott is
the right person to lead Hercules in its next phase of growth. We
are confident Scott and the Hercules Team will continue to create
value for all of our shareholders and stakeholders,” said Chairman
Robert P. Badavas. “Scott possesses deep knowledge of our market,
our existing debt and equity investment portfolio and he has played
a vital role in both defining our underwriting strategies and
bringing an ethos of discipline to the investment process, which is
critical to our success. His steady leadership as interim CEO these
past four months demonstrated his capacity to enhance Hercules’
position as the industry-leading partner of choice to innovative,
high-growth venture-backed companies and their sponsors.”
Mr. Bluestein added, “I am excited and honored to accept the
appointment of CEO and President and will work to ensure that
Hercules remains the leading venture debt and growth capital
franchise. With our best-in-class investment team, scale,
diversified capital structure and proven credit underwriting and
monitoring process, we are well positioned to deliver portfolio and
NII growth through the remainder of 2019, subject to market
conditions. The strength of our platform today is a testament to
the considerable contributions of the entire Hercules team and
their work with our portfolio companies and our many VC and sponsor
partners. I would like to thank everyone for their tremendous
support during our transition.”
Mr. Bluestein has nearly 20 years of financial services, direct
investment and credit experience. He was appointed Hercules’ Chief
Investment Officer in 2014 and before that was the Company’s Chief
Credit Officer for four years. He joined Hercules in 2010. Prior to
Hercules, Mr. Bluestein served as Founder and Partner of Century
Tree Capital Management, a fund established to make senior secured
debt investments with warrants and equity co-investments in small
and micro-cap public and private companies.
Mr. Badavas has been an independent director of Hercules for 13
years and lead independent director for the last two years. Mr.
Badavas was appointed Chairman of the Board in May 2019.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) is the leading
and largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $8.9
billion to over 460 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol “HTGC.” In addition, Hercules has
six outstanding bond issuances of:
Institutional Notes PAR $1000.00
Retail Notes (Baby Bonds) PAR $25.00
- 5.25% Notes due 2025 (NYSE: HCXZ)
- 6.25% Notes due 2033 (NYSE: HCXY)
Convertible Notes
- 4.375% Convertible Notes due 2022
Securitization Notes
- 4.605% Asset-backed Notes due 2027
- 4.703% Asset-backed Notes due 2028
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. You should understand that under Section 27A(b)(2)(B) of
the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act, the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 do not apply to forward-looking
statements made in periodic reports we file under the Exchange
Act.
The information disclosed in this press release is made as of
the date hereof and reflects Hercules’ most current assessment of
its historical financial performance. Actual financial results
filed with the Securities and Exchange Commission may differ from
those contained herein due to timing delays between the date of
this release and confirmation of final audit results. These
forward-looking statements are not guarantees of future performance
and are subject to uncertainties and other factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements including, without limitation, the
risks, uncertainties, including the uncertainties surrounding the
current market volatility, and other factors the Company identifies
from time to time in its filings with the Securities and Exchange
Commission. Although Hercules believes that the assumptions on
which these forward-looking statements are based are reasonable,
any of those assumptions could prove to be inaccurate and, as a
result, the forward-looking statements based on those assumptions
also could be incorrect. You should not place undue reliance on
these forward-looking statements. The forward-looking statements
contained in this release are made as of the date hereof, and
Hercules assumes no obligation to update the forward-looking
statements for subsequent events.
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version on businesswire.com: https://www.businesswire.com/news/home/20190718005203/en/
Michael Hara Investor Relations and Corporate Communications
Hercules Capital, Inc. 650-433-5578 mhara@htgc.com
Hercules Capital (NYSE:HTGC)
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