ArrowMark Financial Announces Preliminary Results of Transferable Rights Offering
ArrowMark Financial announced the preliminary results of its transferable rights offering. The Offer commenced on January 22 and expired on February 18. The Offer entitled rights holders to subscribe for up to an aggregate of 2,604,156 of the Fund's shares of common stock, par value $0.001 per share. The subscription price was $19.79 per Common Share and was determined based upon 90% of the Fund's net asset value per Common Share at the close of trading on the NASDAQ Global Select Market on the Expiration Date. Common Shares will be issued promptly after receipt of all shareholder payments and completion of the pro-rata allocation of Common Shares in respect of the oversubscription privilege. Gross proceeds of the Offer are expected to be approximately $37,000,000. The Fund intends to invest the net proceeds of the Offer in accordance with its investment objectives and policies.
