SuRo Capital Corp. Announces Adjustment to Conversion Rate for Convertible Notes
August 11 2020 - 5:20PM
SuRo Capital Corp. (“SuRo Capital” or the
“Company”) (Nasdaq:SSSS) today announced an adjustment to
the conversion rate of its 4.75% Convertible Senior Notes due 2023
(the “Notes”) as a result of the Company’s cash dividend payable on
August 25, 2020.
Effective as of August 11, 2020, the conversion
price applicable to the Notes has been adjusted to $10.10 per share
(99.0298 shares of the Company’s common stock per $1,000 principal
amount of Notes) from the most recent conversion price of $10.21
per share (97.9448 shares of the Company’s common stock per $1,000
principal amount of Notes), which has been in effect since December
31, 2019. The adjustment to the conversion rate of the Notes
was made pursuant to the supplemental indenture governing the Notes
as a result of the Company’s cash dividend of $0.15 per share,
payable on August 25, 2020 to the Company’s common stockholders of
record as of the close of business on August 11, 2020. The
ex-dividend date is August 10, 2020.
Notice of the conversion rate adjustment will be
delivered to holders of the Notes and U.S. Bank National
Association, as trustee, in accordance with the terms of the
supplemental indenture governing the Notes.
Certain Information Regarding the
Dividend
The date of declaration and amount of the
dividend are subject to the sole discretion of SuRo Capital’s Board
of Directors. The aggregate amount of the dividend declared
and paid by SuRo Capital will be fully taxable to
stockholders. The tax character of SuRo Capital’s dividends
cannot be finally determined until the close of SuRo Capital’s
taxable year (December 31). SuRo Capital will report the
actual tax characteristics of each year’s dividends annually to
stockholders and the IRS on Form 1099-DIV subsequent to
year-end.
Registered stockholders with questions regarding
declared dividends may call American Stock Transfer at
800-937-5449.
Forward-Looking Statements
Statements included herein, including statements
regarding SuRo Capital's beliefs, expectations, intentions or
strategies for the future, may constitute "forward-looking
statements". SuRo Capital cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements. All forward-looking
statements involve a number of risks and uncertainties, including
the impact of the COVID-19 pandemic and any market volatility that
may be detrimental to our business, our portfolio companies, our
industry, and the global economy, that could cause actual results
to differ materially from the plans, intentions and expectations
reflected in or suggested by the forward-looking statements. Risk
factors, cautionary statements and other conditions which could
cause SuRo Capital's actual results to differ from management's
current expectations are contained in SuRo Capital's filings with
the Securities and Exchange Commission. SuRo Capital undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances that may arise after the date of this press
release.
About SuRo Capital Corp.
SuRo Capital Corp. (Nasdaq:SSSS) is a publicly
traded investment fund that seeks to invest in high-growth,
venture-backed private companies. The fund seeks to create a
portfolio of high-growth emerging private companies via a
repeatable and disciplined investment approach, as well as to
provide investors with access to such companies through its
publicly traded common stock. SuRo Capital is headquartered in San
Francisco, CA. Connect with the company on Twitter, LinkedIn, and
at www.surocap.com
ContactSuRo Capital Corp.(650)
235-4769IR@surocap.com
Media ContactBill
DouglassGotham Communications, LLCCommunications@surocap.com
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