SuRo Capital Corp. Announces Expansion of Share Repurchase Program

Rhea-AI Summary

SuRo Capital Corp. has authorized an additional $15 million for its Share Repurchase Program, raising the total to $55 million since the program began in August 2017. Currently, approximately $25 million remains available for repurchase until October 31, 2022. This decision comes as the company sees its stock trading at a significant discount relative to its net asset value, signaling the board's commitment to enhancing shareholder value through effective capital deployment.

Positive

• Increased share repurchase authorization to $55 million indicates confidence in stock value and shareholder commitment.
• Approximately $25 million remains for repurchases, allowing for potential future stock price support.

Negative

• None.

Board of Directors Authorizes Additional $15 Million to Aggregate $55 Million Since Inception of Program

Current Share Repurchase Program Capacity of Approximately $25 Million

NEW YORK, March 14, 2022 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”, the “Company”, “we”, “us”, and “our”) (Nasdaq: SSSS) today announced its Board of Directors has increased the amount of common shares that may be repurchased under the Share Repurchase Program by $15 million to $55 million aggregate.

“As we have consistently demonstrated, SuRo Capital is committed to initiatives that enhance shareholder value and we believe the market is currently undervaluing our portfolio. Accordingly, our Board of Directors has authorized an additional $15 million for share repurchases, bringing our Share Repurchase Program total to $55 million. Given the significant discount at which our stock is trading compared to net asset value, coupled with the extreme market volatility, we determined that this authorization is an efficient and accretive deployment of capital,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.

Share Repurchase Program

Since inception of the Share Repurchase Program in August 2017, SuRo Capital has repurchased 4,823,332 shares of its common stock for an aggregate purchase price of approximately $30 million.

On March 13, 2022, the Company’s Board of Directors authorized a $15 million expansion of the Share Repurchase Program to $55 million. The dollar value of shares that may yet be purchased by the Company under the Share Repurchase Program is approximately $25 million. The Share Repurchase Program is authorized through October 31, 2022.

Under the Share Repurchase Program, the Company may repurchase its outstanding common stock in the open market provided that it complies with the prohibitions under its insider trading policies and procedures and the applicable provisions of the Investment Company Act of 1940, as amended, and the Securities Exchange Act of 1934, as amended.

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 New York, NY and has offices in San Francisco, CA. Connect with the company on Twitter, LinkedIn, and at www.surocap.com.

Contact
SuRo Capital Corp.
(212) 931-6331
IR@surocap.com

Media Contact
Bill Douglass
Gotham Communications, LLC
Communications@surocap.com

 

FAQ

What is the total amount authorized for the Share Repurchase Program by SuRo Capital (SSSS)?

The total amount authorized for the Share Repurchase Program by SuRo Capital is $55 million.

How much remains for repurchase under SuRo Capital's (SSSS) Share Repurchase Program?

Approximately $25 million remains available for repurchase under SuRo Capital's Share Repurchase Program.

What is the purpose of SuRo Capital's (SSSS) share buyback program?

The purpose of SuRo Capital's share buyback program is to enhance shareholder value and address the discount at which the stock is trading.

When was SuRo Capital's (SSSS) Share Repurchase Program initiated?

SuRo Capital's Share Repurchase Program was initiated in August 2017.

What is the timeline for SuRo Capital's (SSSS) Share Repurchase Program?

The Share Repurchase Program is authorized through October 31, 2022.