Prospect Capital Announces Annual Meeting Update

Rhea-AI Summary

Prospect Capital Corporation (NASDAQ: PSEC) held its annual meeting of stockholders on December 2, 2022, where key proposals were discussed. As of September 12, 2022, the company had approximately 394.8 million shares of common stock and various preferred stocks outstanding. To allow more time for stockholder votes, the meeting was adjourned until December 9, 2022, at 10:30 a.m. ET. The company is a business development entity focused on lending and investing in private firms, aiming for both current income and long-term capital appreciation.

Positive

• The annual meeting included significant stockholder proposals, indicating active engagement with investors.
• Prospect Capital operates under the Investment Company Act of 1940, ensuring regulatory compliance and oversight.

Negative

• The adjournment of the annual meeting may indicate a lack of consensus or urgency among stockholders regarding the proposals.
• -

NEW YORK, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announce that it held its annual meeting of stockholders (the “Annual Meeting”) on December 2, 2022. The proposals that were considered at the Annual Meeting are described in detail in the Company’s definitive proxy statement for the Annual Meeting as filed with the Securities and Exchange Commission on September 13, 2022 (the “Proxy”). As of September 12, 2022, there were 394,796,549 shares of the Company's common stock outstanding, 30,064,070 shares of the Company’s 5.50% Series A1 Preferred Stock outstanding, 187,000 shares of the Company’s 5.50% Series A2 Preferred Stock outstanding, 6,000,000 shares of the Company’s 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock outstanding and 3,839,828 shares of the Company’s 5.50% Series M1 Preferred Stock outstanding. Each share of common stock is entitled to one vote on each matter to be voted on by holders of the common stock at the Annual Meeting, and each share of preferred stock is entitled to one vote on each matter to be voted on by holders of the preferred stock at the Annual Meeting. To afford additional time to solicit stockholder votes for the second proposal found in the Proxy, the Annual Meeting has been adjourned until December 9, 2022, at 10:30 a.m., Eastern Time, at www.virtualshareholdermeeting.com/PSEC2022. 

ABOUT PROSPECT CAPITAL CORPORATION

Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

We have elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). We are required to comply with regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made. We undertake no obligation to update any such statement now or in the future.

For additional information, contact:

Grier Eliasek, President and Chief Operating Officer
grier@prospectcap.com 
Telephone (212) 448-0702

FAQ

What date was the Prospect Capital annual meeting held?

The annual meeting of Prospect Capital Corporation was held on December 2, 2022.

Why was the Prospect Capital annual meeting adjourned?

The annual meeting was adjourned to allow additional time to solicit stockholder votes for one of the proposals.

What is the stock symbol for Prospect Capital?

The stock symbol for Prospect Capital Corporation is PSEC.

When is the adjourned date for the Prospect Capital annual meeting?

The adjourned meeting is scheduled for December 9, 2022, at 10:30 a.m. ET.

How many shares of common stock does Prospect Capital have outstanding?

As of September 12, 2022, Prospect Capital had approximately 394.8 million shares of common stock outstanding.