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SuRo Capital Corp. Reports Third Quarter 2022 Financial Results
Net Asset Value of $7.83 Per Share as of September 30, 2022 NEW YORK, Nov. 08, 2022 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”,
About this update from Suro Capital Corp.
[{"type":"text","content":"Net Asset Value of $7.83 Per Share as of September 30, 2022\nNEW YORK, Nov. 08, 2022 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today announced its financial results for the quarter ended September 30, 2022. Net assets totaled approximately $221.8 million, or $7.83 per share, at September 30, 2022 as compared to $9.24 per share at June 30, 2022 and $14.79 per share at September 30, 2021. “As we previously mentioned, the first nine months of 2022 were the worst for equity markets in the past two decades. Simultaneously, there is a continued dramatic slowdown in the IPO market, with less than 40 IPOs in the US during the third quarter and more than 60% of IPOs being withdrawn, year to date. As macroeconomic challenges persist, we expect continued acceleration in the repricing of private securities. We are beginning to see bid-ask spreads start to narrow as increased discounts are reflected in the asking prices of private securities on the secondary markets. As a result, we believe continued pressure from declining macroeconomic conditions and the unfavorable IPO market will present compelling opportunities in the secondary market. Our considerable cash and US treasuries position of approximately $140.0 million allows us to be opportunistic in evaluating new, late stage, high-growth companies at increasingly compelling valuations,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital. “SuRo Capital continues its commitment to shareholder value-enhancing initiatives. Given the discount our stock has traded at compared to net asset value per share, we believe our active Share Repurchase Program and recent Modified Dutch Auction Tender Offer to be efficient and accretive deployments of capital. During the third quarter we initiated and executed the Modified Dutch Auction Tender Offer, resulting in the purchase of 2.0 million shares of common stock for $6.60 per share. Year to date, in combination with the Board authorization of an additional $15.0 million to the Share Repurchase Program, SuRo Capital has repurchased over 3.0 million shares of common stock with approximately $16.4 million remaining in the Board-authorized Share Repurchase Program. Subsequent to quarter-end, the Board has extended the Share Repurchase Program through October 31, 2023,” Kl...