Great Elm Capital Corp. Announces Launch of Non-Transferable Rights Offering

About this update from Great Elm Group, Inc.

[{"type":"text","content":"WALTHAM, Mass., May 17, 2022 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the “Company” or “GECC”) (NASDAQ: GECC) announced today the terms of its previously announced non-transferable subscription rights offering to purchase shares of its common stock. The Company will issue to its stockholders of record as of 5:00 p.m., New York City time, on May 23, 2022, non-transferable rights to subscribe for up to an aggregate of 4,601,391 shares of the Company’s common stock. Record date stockholders will receive one right for each share of common stock owned on the record date. The rights entitle the holders to purchase at the subscription price one new share of common stock for every one right held, and record date stockholders who fully exercise their rights will be entitled to subscribe, subject to certain limitations set forth in the prospectus and subject to allotment, for additional shares of common stock that were not subscribed for by other holders of record. Stockholders may exercise their rights at any time during the subscription period, which commences on May 26, 2022 and ends at 5:00 p.m., New York City time, on June 10, 2022, unless extended by the Company in its sole discretion (the “Expiration Date”). The Company intends to use the net proceeds from the offering primarily to (i) make opportunistic investments, in accordance with its investment objectives and policies, including investments in specialty finance businesses and (ii) for general corporate purposes. “I am excited to launch the rights offering, which will provide capital to execute on our growth strategy and pursue our robust pipeline of investments. Increased scale will benefit our shareholders as we leverage our infrastructure and further diversify our portfolio” said Matt Kaplan, GECC’s Chief Executive Officer. “Our focus on Specialty Finance is gaining traction, with approximately one third of our portfolio invested in Specialty Finance companies and related assets entering the second quarter, which we intend to grow to approximately half of our portfolio over time. While the macro environment remains challenging, we are confident in our ability to execute on the strategic direction outlined in March.” The rights are non-transferable and will not be listed for trading on the Nasdaq Global Market or any other stock exchange. The rights may not be purchased ...

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