- Cornerstone Strategic Investment Fund (CLM, Financial) announces a 1-for-3 rights offering with a Record Date of April 21, 2025.
- The subscription price is set at the greater of 112% of NAV or 80% of market price at closing on May 16, 2025.
- The offering includes up to 84,252,329 shares with a 100% over-allotment option for oversubscribing stockholders.
Cornerstone Strategic Investment Fund, Inc. (CLM) has declared a 1-for-3 rights offering, allowing existing stockholders the opportunity to purchase additional shares. The Record Date for determining the stockholders eligible to receive rights has been set for April 21, 2025. Each stockholder will receive one non-transferable right per share held as of the Record Date.
For every three rights held, stockholders are entitled to purchase one new share at a subscription price determined to be the greater of 112% of the net asset value (NAV) or 80% of the market price at closing on the expiration date of the offering. The subscription period is slated to conclude at 5:00 p.m. EDT on May 16, 2025, unless extended.
The offering permits the issuance of up to 84,252,329 shares, with a provision for a 100% over-allotment option available to those stockholders who choose to oversubscribe. It is important to note that shares acquired via this offering will not be eligible to receive the May 2025 distribution.
Shares will be distributed within 15 days following the Fund’s May 2025 monthly distribution record date. Stockholders considering participation must evaluate their positions carefully, as exercising the rights will result in missing out on the May distribution for newly acquired shares.
