Hercules Capital Receives Stockholder Approval to Reduce Its Asset Coverage Requirement to 150%
07 December 2018 - 4:54AM
Business Wire
Received a “For” Recommendation from both
Institutional Shareholders Services Inc. (“ISS”) and Glass, Lewis
& Co.
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), the leading specialty finance company to innovative,
venture growth, pre-IPO and M&A stage companies backed by
leading venture capital firms, today announced that its
stockholders approved the proposal to reduce its asset coverage
requirement from 200% to 150% at the Company's special stockholders
meeting (“Special Meeting”) held on December 6, 2018. This
reduction applies the modified asset coverage requirements as
amended by the Small Business Credit Availability Act (“SBCAA”),
which was passed into law on March 23, 2018.
At the Special Meeting, a quorum was reached with stockholder’s
voting 91.5% in favor of the proposal.
“We appreciate the overwhelming support received from our
institutional and retail stockholders on reducing our asset
coverage requirement to 150%,” stated Manuel A. Henriquez, chairman
and CEO of Hercules. “The reduced asset coverage requirement will
benefit Hercules through access to increased leverage and enhanced
portfolio diversification. Together, this will potentially help
generate incremental annual increases in our shareholder returns
and maintain our industry-leading performance.”
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) is the leading
and largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $8.2
billion to over 440 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol “HTGC.” In addition, Hercules has
five outstanding bond issuances of 6.25% Notes due 2024 (NYSE:
HTGX), 4.375% Convertible Notes due 2022, 4.625% Notes due 2022,
5.25% Notes due 2025 (NYSE: HCXZ) and 6.25% Notes due 2033 (NYSE:
HCXY).
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. You should understand that under Section 27A(b)(2)(B) of
the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act, the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 do not apply to forward-looking
statements made in periodic reports we file under the Exchange
Act.
The information disclosed in this press release is made as of
the date hereof and reflects Hercules’ most current assessment of
its historical financial performance. Actual financial results
filed with the SEC may differ from those contained herein due to
timing delays between the date of this release and confirmation of
final audit results. These forward-looking statements are not
guarantees of future performance and are subject to uncertainties
and other factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
including, without limitation, the risks, uncertainties, including
the uncertainties surrounding the current market volatility, and
other factors the Company identifies from time to time in its
filings with the SEC. Although Hercules believes that the
assumptions on which these forward-looking statements are based are
reasonable, any of those assumptions could prove to be inaccurate
and, as a result, the forward-looking statements based on those
assumptions also could be incorrect. You should not place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this release are made as of the date
hereof, and Hercules assumes no obligation to update the
forward-looking statements for subsequent events.
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version on businesswire.com: https://www.businesswire.com/news/home/20181206005761/en/
Michael HaraInvestor Relations and Corporate
CommunicationsHercules Capital, Inc.(650)
433-5578mhara@htgc.com
Hercules Capital (NYSE:HTGC)
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