SuRo Capital Corp. Announces Expiration and Final Results of Tender Offer

Rhea-AI Summary

SuRo Capital Corp. (SSSS) announced the completion of its modified Dutch Auction tender offer, repurchasing 3 million shares at $4.50 each, representing 10.6% of outstanding shares. The offer expired on April 17, 2023, and the shares will be repurchased using available cash, with payment expected around April 21, 2023. The repurchase price reflects 60.9% of the net asset value per share as of December 31, 2022. The final proration factor is approximately 99.1%, indicating strong interest in the tender offer. The information agent for the offer is D.F. King & Co., while American Stock Transfer & Trust Company served as the depositary.

Positive

• Completed repurchase of 3 million shares, enhancing shareholder value.
• Repurchase price of $4.50 per share represents a 60.9% NAV discount, indicating attractive valuation.

Negative

• None.

Modified Dutch Auction Tender Offer to Repurchase 3 Million Shares at $4.50 Per Share

NEW YORK, April 18, 2023 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital” or the “Company”) (Nasdaq: SSSS) today announced its final results from its modified “Dutch Auction” tender offer (the “Tender Offer”). The Company’s Tender Offer expired at 5:00 P.M., Eastern Time, on April 17, 2023. The Tender Offer was made pursuant to an Offer to Purchase dated March 21, 2023 and the related Letter of Transmittal, by which the Company offered to purchase up to 3,000,000 shares of its common stock at a price per share not less than $3.00 and not greater than $4.50 in $0.10 increments, using available cash, which documents were filed with the Securities and Exchange Commission on March 21, 2023.

In accordance with the Company’s previously announced Tender Offer, and based on the final count by American Stock Transfer & Trust Company, LLC, the depositary for the Tender Offer, the Company will repurchase 3,000,000 shares, representing 10.6% of its outstanding shares, for payment on or about April 21, 2023, at a price of $4.50 per share on a pro rata basis, excluding fees and expenses relating to the self-tender offer. The per share purchase price of properly tendered shares represents 60.9% of net asset value (“NAV”) per share based as of December 31, 2022. The Company, in conjunction with American Stock Transfer & Trust Company, LLC, has determined the final proration factor for the tender offer is approximately 99.1%. The Company is funding the repurchase of shares in the Tender Offer using a portion of its cash on hand.

The information agent for the Tender Offer is D.F. King & Co. Inc., and the depositary is American Stock Transfer & Trust Company, LLC. For questions and information, please contact the information agent at suro@dfking.com. Banks and brokers may call the information agent at (212) 269-5550, and all others may call the information agent toll-free at (800) 848-3409.

Forward-Looking Statements

Statements included herein, including statements regarding SuRo Capital's beliefs, expectations, intentions, or strategies for the future, may constitute "forward-looking statements". SuRo Capital cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. All forward-looking statements involve a number of risks and uncertainties, including the impact of the COVID-19 pandemic and any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy, that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements. Risk factors, cautionary statements, and other conditions which could cause SuRo Capital's actual results to differ from management's current expectations are contained in SuRo Capital's filings with the Securities and Exchange Commission. SuRo Capital undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.

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

FAQ

What is the outcome of SuRo Capital's tender offer on April 17, 2023?

SuRo Capital completed its modified Dutch Auction tender offer, repurchasing 3 million shares at $4.50 each.

How many shares did SuRo Capital buy back in their tender offer?

SuRo Capital bought back 3 million shares, which is 10.6% of its outstanding shares.

What was the share repurchase price in SuRo Capital's tender offer?

The share repurchase price in SuRo Capital's tender offer was $4.50 per share.

When will shareholders receive payment for shares repurchased by SuRo Capital?

Shareholders are expected to receive payment for the repurchased shares on or about April 21, 2023.

What was the proration factor in SuRo Capital's tender offer?

The final proration factor for SuRo Capital's tender offer was approximately 99.1%.