CORRECTING and REPLACING RENN Fund, Inc. Announces Results of Rights Offering
27 Janeiro 2022 - 5:17PM
Business Wire
Third paragraph, first sentence of release should read: The Fund
sold an aggregate of 1,063,830 shares of common stock at a purchase
price of $1.98 per share. (instead of 1,487,989 shares).
The updated release reads:
RENN FUND, INC. ANNOUNCES RESULTS OF RIGHTS
OFFERING
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 LLC (“Horizon”), 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, the Chief Executive Officer of the Fund,
exercised all of his basic rights.
The Fund sold an aggregate of 1,063,830 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 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/20220127005794/en/
Jay Kesslen 646-867-1176 jkesslen@horizonkinetics.com
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