Saba Capital Income & Opportunities Fund’s Board of Trustees Approves Reverse Stock Split

Rhea-AI Summary

Saba Capital Income & Opportunities Fund (NYSE: BRW) announced a 1-for-2 reverse stock split, effective on May 20, 2022. Under this plan, every two common shares will be converted into one share, reducing the total authorized shares from 85,058,986 to 42,529,493. The Fund, which manages $3.8 billion in assets, continues to trade under the symbol BRW. Fractional shares will be issued as part of this split.

Positive

• Reduction in authorized shares from 85,058,986 to 42,529,493, potentially improving share value.
• Continued trading on NYSE under symbol BRW.

Negative

• Implementation of a reverse stock split may indicate underlying stock performance issues.
• Shareholders will experience dilution of shares since two shares will now equal one.

NEW YORK--(BUSINESS WIRE)-- Saba Capital Income & Opportunities Fund (NYSE: BRW) (the “Fund”), a closed-end management investment company listed on the New York Stock Exchange, today announced that its Board of Trustees has approved a reverse stock split (the "Reverse Split") of the Fund's common shares at a ratio of 1-for-2. The Reverse Split’s effective date, which is the date when the Fund's common shares will begin trading on a split-adjusted basis, will be May 20, 2022.

As of the effective date, every two shares of the Fund's issued and outstanding common shares will be converted into one common share. The Fund's common shares will continue to trade on the New York Stock Exchange under the symbol "BRW." The Fund intends to issue fractional shares in connection with the Reverse Split.

The Reverse Split will reduce the number of the Fund's authorized common shares from 85,058,986 shares to 42,529,493 shares.

About Saba Capital

Saba Capital Management, L.P. is a registered investment adviser founded in 2009. Saba is a spin-out of a proprietary investing group founded by Boaz Weinstein at Deutsche Bank in 1998. Saba manages $3.8 billion across four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Saba’s investors are predominantly institutions and include public and corporate pension plans, endowments and foundations, family offices, banks and insurers, bank private wealth platforms, fund of funds and certain high net worth individuals.

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 the Fund’s filings with the Securities and Exchange Commission. The Fund undertakes no obligation to update such statements to reflect subsequent events, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220331006040/en/

For Investors

844-460-9411

Source: Saba Capital Income & Opportunities Fund

FAQ

What is the effective date of the reverse stock split for Saba Capital Income & Opportunities Fund?

The effective date for the reverse stock split is May 20, 2022.

What will be the new share ratio after the reverse split for BRW?

The new share ratio after the reverse split will be 1-for-2.

How many authorized shares will Saba Capital Income & Opportunities Fund have after the reverse split?

After the reverse split, the Fund's authorized shares will be reduced to 42,529,493.

What is the stock symbol for Saba Capital Income & Opportunities Fund?

The stock symbol for the Fund remains BRW.

Will shareholders receive fractional shares after the reverse stock split of BRW?

Yes, fractional shares will be issued in connection with the reverse split.