Oxford Square Capital Corp. Announces Transferable Rights Offering
10 Mayo 2023 - 7:34AM
Oxford Square Capital Corp. (NASDAQ: OXSQ) (“we,” “us,” “our,”
“OXSQ” or the “Company”) announced today that its Board of
Directors has approved the terms of a transferable rights offering
to purchase shares of its common stock. Ladenburg Thalmann &
Co. Inc. will act as the Dealer Manager for the offering.
The Company will issue to stockholders of record
as of 5:00 p.m., New York City time, on May 23, 2023 transferable
rights to subscribe for an aggregate of up to 16,633,723 shares of
the Company’s common stock. Each record date stockholder will be
issued one transferable right for every three shares of the
Company’s common stock owned on the record date. The rights entitle
each holder to acquire at the subscription price one share of the
Company’s common stock for every right held (the “Primary
Subscription”). An application has been submitted for the rights to
be listed for trading on the Nasdaq Global Select Market under the
symbol “OXSQR” with trading anticipated to begin on or around May
26, 2023. Rights may be exercised at any time during the
subscription period, which commences on May 24, 2023, and ends at
5:00 p.m., New York City time, on June 14, 2023, the expiration
date, unless the subscription period is extended by the Company
(the “Expiration Date”).
Record date stockholders who fully exercise all
rights issued to them are entitled to subscribe for additional
shares of the Company’s common stock that were not subscribed for
by other holders in the Primary Subscription, on the terms and
subject to the conditions that will be set forth in the prospectus
for this offering, including as to pro-ration. In addition, any
rights holders who were not record date stockholders who exercise
rights are entitled to subscribe for such additional shares that
are not otherwise subscribed for by record date stockholders
pursuant to their over-subscription privilege, on terms and subject
to the conditions that will be set forth in the prospectus for this
offering, including as to pro-ration. These over-subscription
privileges are referred to as the “Over-Subscription
Privilege”.
Members of senior management of the Company, who
own approximately 3.26 million shares of the Company’s common
stock, have indicated that they intend to fully exercise their
Primary Subscription rights.
The subscription price for the shares to be
issued pursuant to the rights will be the greater of (1) 92.5% of
the volume-weighted average of the sales prices of the Company’s
shares of common stock on the Nasdaq Global Select Market for the
five consecutive trading days preceding the Expiration Date and (2)
95.0% of the last reported net asset value of the Company. The
subscription price will be determined on the Expiration Date. The
Company has the ability to terminate the rights offering at any
time prior to delivery of the rights and the shares of the
Company’s common stock offered thereby. If this rights offering is
terminated, all rights will expire without value, and no amounts
paid to acquire rights on the Nasdaq Global Select Market or
otherwise would be returned.
|
IMPORTANT
DATES* |
|
|
|
Record Date |
|
May 23, 2023 |
|
Subscription Period |
|
from May 24 to June 14,
2023 |
|
Rights expected to begin
trading on NASDAQ |
|
May 26, 2023 |
|
Last day it is expected that
rights can be traded |
|
June 13, 2023 |
|
Expiration Date |
|
June 14, 2023 at 5:00 p.m. New
York City Time |
|
Deadline for Delivery of
Subscription Certificates and Payment for Shares |
|
June 14, 2023 at 5:00 p.m. New
York City Time |
|
Deadline for Delivery of
Notice of Guaranteed Delivery |
|
June 14, 2023 at 5:00 p.m. New
York City Time |
|
Confirmations Mailed to
Participants |
|
June 21, 2023 |
|
Final Payment Date** |
|
June 28, 2023 |
|
|
|
|
* All end dates subject to extension if the Company extends the
Expiration Date.** Any additional amount due (in the event the
subscription price exceeds the estimated subscription price)
The Company intends to use the net proceeds from
the sale of shares of its common stock pursuant to the exercise of
rights issued in this offering primarily (i) to repay outstanding
indebtedness, (ii) to fund investments in debt securities and CLO
investments in accordance with the Company’s investment objective
and (iii) for general corporate purposes.
The offering will be made only by means of a
prospectus supplement and accompanying prospectus, which, along
with exercise instructions, is expected to be mailed to
shareholders on or about May 23, 2023. The definitive terms of the
offer, including the estimated subscription price, will be
contained in the Company’s prospectus supplement for the
offering.
The information herein is not complete
and is subject to change. This document is not an offer to sell any
securities and is not soliciting an offer to buy any securities in
any jurisdiction where the offer or sale is not permitted. This
document is not an offering, which can only be made by a prospectus
supplement and accompanying prospectus. Investors should consider
the Company’s investment objectives and policies, risks, charges
and expenses carefully before investing. The Company’s prospectus
supplement and accompanying prospectus will contain this and
additional information about the Company and additional information
about the offering, and should be read carefully before investing.
For further information regarding the offering, or to obtain a copy
of the prospectus supplement and accompanying prospectus, when
available, please contact the Company’s information agent: Alliance
Advisors, LLC, by calling (toll-free) at 1-888-490-5078, by email
at oxsq@allianceadvisors.com, or by mail at 200 Broadacres Drive,
3rd Floor, Bloomfield, NJ
07003.
About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded
business development company principally investing in syndicated
bank loans and debt and equity tranches of collateralized loan
obligation (“CLO”) vehicles. CLO investments may also include
warehouse facilities, which are financing structures intended to
aggregate loans that may be used to form the basis of a CLO
vehicle.
Forward-Looking Statements
This press release contains forward-looking
statements subject to the inherent uncertainties in predicting
future results and conditions. Any statements that are not
statements of historical fact (including statements containing the
words “believes,” “plans,” “anticipates,” “expects,” “estimates”
and similar expressions) should also be considered to be
forward-looking statements. These statements are not guarantees of
future performance, conditions or results and involve a number of
risks and uncertainties. Certain factors could cause actual results
and conditions to differ materially from those projected in these
forward-looking statements. These factors are identified from time
to time in our filings with the Securities and Exchange Commission.
We undertake no obligation to update such statements to reflect
subsequent events, except as may be required by law.
Contact:Bruce Rubin203-983-5280
Oxford Square Capital (NASDAQ:OXSQG)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Oxford Square Capital (NASDAQ:OXSQG)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024