RENN Fund, Inc. Announces Rights Offering for Shares of Common Stock, Record Date and Summary of Terms
08 Dezembro 2021 - 8:24PM
Business Wire
The Board of Directors of the RENN Fund, Inc. (NYSE MKT: RCG)
(the “Fund”) announced today that the previously announced
non-transferable rights offering (the “Offering”) to holders of its
common shares of record at the close of business on December 10,
2021 (the “Record Date”) has been declared effective by the
Securities and Exchange Commission. The Offering will only be made
by a prospectus, and this announcement does not constitute an offer
to sell any of the Fund’s securities.
Each shareholder will receive one non-transferable right for
every share owned of the Fund held on the Record Date, and the
number of rights will be rounded up to the nearest whole number
evenly divisible by 3. For every 3 rights each shareholder
receives, such shareholder will be entitled to buy one new share of
the Fund (“Initial Subscription”). The subscription price per share
(the “Subscription Price”) will be the lesser of:
(i) 105% of the average closing NAV per share
over the three days of trading leading up to and including the
expiration of the Offering, or
(ii) 90% of the average closing market price
per share over the three days of trading leading up to and
including the expiration of the Offering.
Record Date shareholders who fully exercise their rights under
the Offering will be entitled to over-subscribe for any additional
shares not purchased (“Over-Subscription”). The purchase price for
all shares will be payable in cash.
Horizon Kinetics Asset Management LLC (“Horizon”), the
investment manager to the Fund, has agreed to pay for all fees and
expenses in connection with the Offering. As such, the full amount
of the subscription proceeds will be contributed to the Fund’s
assets. Additionally, Horizon has entered into a backstop agreement
with the Fund, whereby Horizon will purchase all remaining
unsubscribed shares, if any, after the Initial Subscription and
Over-Subscription periods by shareholders.
The Offering and the rights issued thereunder will expire at
5:00 p.m. (EST) on January 21, 2022, unless extended by the
Fund.
The Fund expects to mail Subscription Certificates evidencing
rights and a copy of the prospectus for the Offering to Record Date
shareholders beginning on or about December 17, 2021. Questions
regarding the Offering should be directed to the Information Agent,
AST Fund Solutions, at (866) 796-1292 or the Fund at (646)
495-7333.
The RENN Fund, Inc. is a non-diversified, closed-end management
company with approximately $18.3 million in total net assets, whose
primary investment objective is to provide shareholders with
above-market rates of return through capital appreciation and
income by investing in a wide variety of financial instruments.
Disclosures:
This document is not an offer to sell any securities, which
can only be made by a final prospectus. Investors should consider
the Fund’s investment objective, risks, charges and expenses
carefully before investing. The prospectus contains this and
additional information about the Fund and the Offering, and
investors should read it carefully before investing. For further
information regarding the Offering, or to obtain a prospectus,
please contact AST Fund Solutions at (800) 628-8509.
Fund shares are subject to investment risk, including
possible loss of principal invested. No Fund is a complete
investment program and you may lose money investing in a Fund. An
investment in the Fund may not be appropriate for all investors.
Additional information about the Fund, including performance and
portfolio characteristics, is available at
https://horizonkinetics.com/investment-strategies/renn-fund-inc-nyse-rcg/.
Horizon Kinetics Asset Management LLC is the investment
adviser to the Fund. For additional information about Horizon,
please visit us at www.horizonkinetics.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211208006119/en/
Jay Kesslen Email: jkesslen@horizonkinetics.com Phone: (646)
495-7333
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