Cornerstone Strategic Value Fund, Inc. Announces Record Date for Rights Offering
08 June 2018 - 7:20AM
Cornerstone Strategic Value Fund, Inc. (NYSE American:CLM) (the
“Fund”) announced today that it has fixed the close of business on
June 18, 2018 as the record date for determination of stockholders
entitled to participate in the Fund’s 1-for-3 rights
offering. Each stockholder will receive one non-transferable
right for each share of the Fund held as of the record date.
For every three rights a stockholder receives, he or she will be
entitled (but not required) to purchase one new share of the Fund
at a subscription price equal to the greater of (i) 107% of net
asset value per share as calculated at the close of trading on the
expiration date of the offering or (ii) 90% of the market price per
share at such time. Fractional shares will not be
issued. In addition to the shares offered in the primary
subscription, the Fund may offer a 100% over-allotment to
oversubscribing stockholders. Stockholders who fully
subscribe in the primary offering will have the option to
oversubscribe for additional shares, to the extent available.
Shares will be issued within the 15-day period
immediately following the record date of the Fund’s July 2018
monthly distribution to stockholders. Stockholders exercising their
rights to purchase shares pursuant to the offering will not be
entitled to receive such distribution with respect to the shares
issued pursuant to such exercise.
The offering is subject to an effective
registration statement covering the rights and shares to be issued
and to other customary regulatory filings and approvals. Any
rights offering conducted by the Fund will be made only by means of
a prospectus.
Cornerstone Strategic Value Fund, Inc. is a
closed-end, diversified management investment company and is
registered with the U.S. Securities & Exchange Commission
(‘SEC”) under the Investment Company Act of 1940, as amended.
Cornerstone Strategic Value Fund, Inc. is traded
on the NYSE American LLC under the trading symbol “CLM”. The Fund’s
investment adviser is Cornerstone Advisors, Inc., which also serves
as the investment adviser to another closed-end fund, Cornerstone
Total Return Fund, Inc. (NYSE American:CRF). For more information
regarding Cornerstone Strategic Value Fund, Inc. or Cornerstone
Total Return Fund, Inc. please visit
www.cornerstonestrategicvaluefund.com, and
www.cornerstonetotalreturnfund.com.
Past performance is no guarantee of future
performance. An investment in a Fund is subject to certain risks,
including market risk. In general, shares of closed-end funds often
trade at a discount from their net asset value and at the time of
sale may be trading on the exchange at a price which is more or
less than the original purchase price or the net asset value. An
investor should carefully consider a Fund’s investment objective,
risks, charges and expenses. Please read a Fund’s disclosure
documents before investing.
In addition to historical information, this
release contains forward-looking statements, which may concern,
among other things, domestic and foreign markets, industry and
economic trends and developments and government regulation and
their potential impact on a Fund’s investment portfolio. These
statements are subject to risks and uncertainties, including the
factors set forth in each Fund’s disclosure documents, filed with
the U.S. Securities and Exchange Commission, and actual trends,
developments and regulations in the future, and their impact on
each Fund could be materially different from those projected,
anticipated or implied. Each Fund has no obligation to update or
revise forward-looking statements.
Contact: (866) 668-6558