Business
Hennessy Advisors, Inc. to Acquire the Assets of the Community Capital Management, LLC's Equity Funds
NOVATO, Calif., April 26, 2023 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ: HNNA) today announced that it has signed a definitive agreement with Community
About this update from Hennessy Advisors, Inc.
[{"type":"text","content":"NOVATO, Calif., April 26, 2023 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ: HNNA) today announced that it has signed a definitive agreement with Community Capital Management, LLC (\"CCM\") related to the management of the CCM Core Impact Equity Fund and the CCM Small/Mid-Cap Impact Value Fund (the \"CCM Equity Funds\"). The CCM Equity Funds have current assets of approximately $70 million. The transaction is expected to be completed during calendar year 2023. Pending approval by shareholders of the CCM Equity Funds, upon completion of the transaction, the CCM Equity Funds will be reorganized into the Hennessy Stance ESG Large Cap ETF, which will be renamed the Hennessy Stance ESG ETF as of April 28, 2023 (referred to herein as the \"Hennessy Stance ESG ETF\"). Hennessy Advisors, Inc. is the investment advisor of the Hennessy Stance ESG ETF and Stance Capital, LLC and Vident Investment Advisory, LLC are investment sub-advisors to the Hennessy Stance ESG ETF.\n\"At CCM, we primarily provide fixed income portfolios that include impact and environmental, social, and governance factors. We are confident that we've found the right home for our equity mutual fund shareholders with the Hennessy Stance ESG ETF, which has delivered strong returns coupled with social consciousness,\" said Alyssa Greenspan, CEO and President of CCM. \"We believe the acquisition will benefit our equity fund shareholders,\" she added.\n\"We are excited to welcome the CCM Equity Funds' shareholders into the Hennessy family of funds. The CCM Equity Funds are a natural fit into our ETF, which seeks to align investors' capital with their values while striving to outperform the overall market,\" stated Neil Hennessy, CEO and Chairman of Hennessy Advisors, Inc. \"At Hennessy, we put our shareholders first while delivering strong investment management, quality customer service, and high standard of business ethics. We are committed to a smooth transition for the CCM shareholders.\"\nThe transaction is subject to customary closing conditions, including approval by the Board of Trustees of Hennessy Funds Trust, the Board of Trustees of the Quaker Investment Trust, and the shareholders of the CCM Equity Funds. The transaction has been structured with the intention that it qualify, for federal income tax purposes, as a tax–free reorganization under the Internal Reve...