The Fund announced that it has issued 20.3 million shares of common stock pursuant to its recently completed non-transferable rights offering.
Total net proceeds of the rights offering, which are estimated at approximately $140.6 million after deducting for estimated offering expenses, are expected to be invested throughout the Fund’s equity portfolio. Net proceeds were calculated based on a share subscription price of $6.96, which equaled 95% of the average of the last reported sales prices of the Fund’s common shares on September 16, 2022, the pricing date of the offering, and the four preceding business days.
Sufficient common shares were available to honor all over-subscription requests in full. Refunds for overpayments are expected to be mailed beginning today. Confirmation statements are expected to be mailed to fund shareholders beginning on September 23, 2022.