NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) — Cornerstone Strategic Value Fund, Inc. (NYSE American: CLM) is pleased to announce the completion of its one-for-three rights offering which expired on Friday, May 14, 2021. The Offering was over-subscribed. Under the terms of the Offering, record date stockholders were entitled to purchase one newly issued share of common stock of the Fund for every three rights held. The subscription price for each newly issued share was determined to be $10.64 which, under the terms of the prospectus, was equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the date of expiration of the Offering and (ii) 80% of the market price per share at such time.
Based on preliminary results provided by the Fund’s subscription agent, the Fund received requests for approximately $420 million of its shares.
The subscription price is lower than the original estimated subscription price of $10.88. Under the prospectus, any excess payment received from a stockholder will, unless otherwise indicated on the subscription certificate received from such stockholder, be applied towards the purchase of unsubscribed shares. It is anticipated that shares will be issued on or about Thursday, May 20, 2021. Stockholders are encouraged to contact their broker regarding the specifics of their account. Newly issued shares will not be entitled to the Fund’s distribution to stockholders for the month of May 2021.
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 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.
