RENN Fund, Inc. Announces Common Stock Rights Issue, Record Date and Summary of Terms – QNT Press Release


RENN Fund, Inc. (New York Stock Exchange stock code:RCG) (“Fund”) today announced that it has approved a non-transferable right sale (“Sale”) to holders of its ordinary shares at the close of business on December 10, 2021 (the “record date”), pending securities transactions The committee enters into force. This issuance is only conducted through the prospectus, and this announcement does not constitute an offer to sell any fund securities.

Each shareholder will receive a non-transferable right for each fund share held on the record date, and the number of rights will be rounded up to the nearest whole number, divisible by 3. For every 3 rights acquired, each shareholder will receive the shareholder’s right to purchase a new fund share (“initial subscription”). The subscription price per share (the “subscription price”) will be:

(i) 105% of the average closing net asset value per share within the three trading days before the expiration of the offer (including the sale date), or

(ii) 90% of the average closing market…

The full story can be found on Benzinga.com



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