The Fund announced the final results of its inseparable non-transferable rights to purchase additional shares of common stock and newly issued 6.00%, 3-Year Term, Series C Term Preferred Stock (the “Series C Preferred Stock”) of the Fund (the “Offering”). The Fund will issue a total of 838,412 new shares of common stock and 419,206 new shares of Series C Preferred Stock as a result of the Offering, which closed on November 25, 2024 (the “Expiration Date”).
The subscription price of $8.42 per common share in the Offering was established on the Expiration Date based on a formula equal to 90% of the reported net asset value and the subscription price per Series C Preferred Stock was $10. Gross proceeds received by the Fund from the Offering are expected to total approximately $11.2 million, before expenses.
The new common stock and Series C Preferred Stock are expected to be issued on, or about, December 2, 2024. The Fund has applied to list the Series C Preferred Stock on NYSE American. If the application is approved, the Series C Preferred Stock is expected to commence trading on the NYSE American under the symbol “OPPPRC” within thirty days of the date of issuance.