RENN Fund, Inc. Announces Results of Rights Offering
27 Janeiro 2022 - 1:16PM
Business Wire
The RENN Fund, Inc. (NYSE MKT: RCG) (the “Fund”) announced today
the results of its non-transferable rights offering to shareholders
of record, which closed to subscriptions on January 21, 2022.
Aggregate gross proceeds to the Fund were approximately
$2,106,383.40, the maximum permitted under the terms of the
offering. Horizon Kinetics Asset Management (HKAM), the investment
manager to the Fund, previously agreed to pay for all fees and
expenses in connection with the Offering so the total net proceeds
to the Fund will be the same.
Shareholders submitted subscriptions for 317% of the permitted
subscriptions. As a result, the number of shares sold pursuant to
oversubscription privileges to shareholders who exercised their
oversubscription privileges was prorated according to the terms
described in the offering prospectus. Furthermore, since the
offering was over-subscribed, no shares will be purchased in
connection with the backstop agreement between Horizon and the
Fund. Murray Stahl, a director of the Fund, exercised all of his
basic rights but did not exercise any over-subscription
privileges.
The Fund sold an aggregate of 1,487,989 shares of common stock
at a purchase price of $1.98 per share. The shares of common stock
are expected to be distributed to participants through the Fund’s
transfer agent or through the clearing systems of the Depository
Trust Company commencing January 26, 2022. Following this offering,
the Fund will have 7,015,785 common shares outstanding.
The rights offering was made pursuant to a prospectus amendment
filed December 3, 2021 to its previously filed registration
statement on Form N-2 deemed effective by the Securities and
Exchange Commission on December 6, 2021.
The Fund is a non-diversified, closed-end management company
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. 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. There can be no assurance the objective of the
Fund will be achieved, and past performance is not a guarantee of
future results. Additional information about the Fund, including
performance and portfolio characteristics, is available at
https://horizonkinetics.com/investment-strategies/renn-fund-inc-nyse-rcg/.
Horizon 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/20220127005794/en/
Jay Kesslen 646-867-1176 jkesslen@horizonkinetics.com
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