RiverNorth Capital and Income Fund, Inc. Announces Final Results of Non-Transferable Rights Offering
23 Aprile 2024 - 12:45PM
Business Wire
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) (the
“Fund”) today announced the final results of its non-transferable
rights offering (the “Offering”) that expired on April 22, 2024
(the “Expiration Date”). In the Offering, the Fund received
subscription requests for 949,525 shares of common stock from
rights holders. Accordingly, the Fund expects to issue 949,525 new
shares of common stock for these subscriptions, on or about April
24, 2024. Gross proceeds from the Offering are expected to total
approximately $14.3 million, before expenses.
The Offering’s final subscription price per share was determined
to be $15.04. The subscription price was established pursuant to
the terms of the Offering and based on a formula equal to 90% of
the Fund’s reported net asset value (“NAV”) per share of common
stock on the Expiration Date. The NAV per share used in the formula
described above was $16.71.
The final subscription price is lower than the original
estimated subscription price of $15.28 per share. Accordingly, any
excess payments will be returned to subscribing rights holders as
soon as practicable, in accordance with the prospectus supplement
and accompanying prospectus, filed with the Securities and Exchange
Commission on February 28, 2024.
Shares of common stock issued as a result of the rights offering
will not be record date shares for the Fund’s monthly distributions
paid in April 2024 but will be record date shares for the Fund’s
May 2024 distribution.
This press release shall not constitute an offer to sell or
constitute a solicitation of an offer to buy.
RiverNorth Capital and Income Fund, Inc.
The investment objective of the Fund is to seek a high level of
current income. The Fund had approximately $57.2 million of net
assets and 3.4 million shares of common stock outstanding as of
March 31, 2024.
The Fund is a closed-end fund and does not continuously issue
stock for sale as open-end mutual funds do. The Fund now trades in
the secondary market. Investors wishing to buy or sell stock need
to place orders through an intermediary or broker. The share price
of a closed-end fund is based on the market value.
Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may
receive little or no return on your investment or even that you may
lose part or all of your investment. Therefore, before investing in
the shares of common stock, you should consider the risks as well
as the other information in the prospectus, annual report and
semi-annual report.
Past performance is no guarantee of future results.
See the Prospectus for a more detailed description of Fund
risks.
The profitability of specialty finance and other financial
companies is largely dependent upon the availability and cost of
capital funds and may fluctuate significantly in response to
changes in interest rates, as well as changes in general economic
conditions. If the borrower of Alternative Credit (as defined
below) in which the Fund invests is unable to make its payments on
a loan, the Fund may be greatly limited in its ability to recover
any outstanding principal and interest under such loan, as (among
other reasons) the Fund may not have direct recourse against the
borrower or may otherwise be limited in its ability to directly
enforce its rights under the loan, whether through the borrower or
the platform through which such loan was originated, the loan may
be unsecured or under collateralized, and/or it may be
impracticable to commence a legal proceeding against the defaulting
borrower. Substantially all of the Alternative Credit in which the
Fund invests will not be guaranteed or insured by a third party. In
addition, the Alternative Credit Instruments in which the Fund may
invest will not be backed by any governmental authority.
Prospective borrowers supply a variety of information regarding the
purpose of the loan, income, occupation and employment status (as
applicable) to the lending platforms. As a general matter,
platforms do not verify the majority of this information, which may
be incomplete, inaccurate, false or misleading. Prospective
borrowers may misrepresent any of the information they provide to
the platforms, including their intentions for the use of the loan
proceeds. Alternative Credit Instruments are generally not rated by
the nationally recognized statistical rating organizations
(“NRSROs”). Such unrated instruments, however, are considered to be
comparable in quality to securities falling into any of the ratings
categories used by such NRSROs to classify "junk" bonds (i.e.,
below investment grade securities). Accordingly, the Fund’s unrated
Alternative Credit Instrument investments constitute highly risky
and speculative investments similar to investments in “junk” bonds,
notwithstanding that the Fund is not permitted to invest in loans
that are of subprime quality at the time of investment. Although
the Fund is not permitted to invest in loans that are of subprime
quality at the time of investment, an investment in the Fund’s
Shares should be considered speculative and involving a high degree
of risk, including the risk of loss of investment. There can be no
assurance that payments due on underlying loans, including
Alternative Credit, will be made.
Diversification does not ensure a profit or a guarantee
against loss.
The Fund’s investment objectives, risks, charges and expenses
must be considered carefully before investing. The Fund’s
prospectus and most recent periodic reports contain this and other
important information about the investment company and may be
obtained by visiting rivernorth.com/literature or by calling
844.569.4750. Read the Prospectus carefully before
investing.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that
specializes in opportunistic strategies in niche markets where the
potential to exploit inefficiencies is greatest. RiverNorth is the
manager to multiple registered and private funds.
Not FDIC Insured | May Lose Value | No Bank Guarantee
RiverNorth® is a registered trademark of RiverNorth Capital
Management, LLC. Marketing services provided by ALPS Distributors
Inc. ALPS and RiverNorth are not affiliated. ©2000-2024 RiverNorth
Capital Management, LLC. All rights reserved. RVN001715
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Investor Contact RiverNorth CEF Investor Relations
800-646-0148, Option 1 CEF@rivernorth.com
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