RiverNorth Rights Offering Pulls In $35.2M at $10.49/Share
RIV is trading near its 52-week low of $10.34 (0.9% above the low).
Summary
The fund's transferable rights offering closed with subscriptions for 3.36M shares, raising about $35.2M before expenses. Final subscription price came in at $10.49, below the original $11.00 estimate, based on 90% of the $11.65 NAV on the expiration date. This follows the August 12 announcement of the offering and the recent $75M private placement of preferred shares. The new shares will be record date shares for the October distribution, adding modest dilution to existing holders. Final results are expected September 25. The fund expects to issue about 3.4 million new shares from the rights offering.
At the time of this announcement, RIV was trading at $10.43 on NYSE in the Finance sector, with a market capitalization of approximately $289M. The 52-week trading range was $10.34 to $12.15. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.