Cornerstone Total Return Fund completes one-for-three rights offering, raises $207mln.

Cornerstone Total Return Fund has completed its one-for-three rights offering, with record date stockholders able to purchase one newly issued share of common stock for every three rights held. The subscription price was $6.97, calculated based on the fund's net asset value and market price. The fund received requests for approximately $207 million of its shares and anticipates issuing over-subscription shares.

Title: Cornerstone Total Return Fund Completes One-for-Three Rights Offering

New York, May 19, 2025 – Cornerstone Total Return Fund, Inc. (NYSE American: CRF) has successfully completed its one-for-three rights offering, which expired on May 16, 2025. Under the terms of the offering, record date stockholders were entitled to purchase one newly issued share of common stock for every three rights held. The subscription price was set at $6.97 per share, calculated based on the fund's net asset value and market price.

The fund received requests for approximately $207 million in shares, indicating strong investor interest. The subscription price was higher than the initially estimated $6.29, suggesting a premium over the fund's net asset value. The fund anticipates issuing additional shares under the over-subscription privilege to accommodate the high demand.

Notably, newly issued shares will not be eligible for the fund's distribution to stockholders for the month of May 2025. The fund expects to issue the new shares around May 22, 2025.

This rights offering represents a significant capital raising event for CRF, which operates as a closed-end, diversified management investment company managed by Cornerstone Advisors, LLC. The successful completion of the offering underscores investor confidence in the fund's management and strategy.

References
[1] https://simplywall.st/stocks/us/consumer-services/nyse-ccl/carnival-corporation/news/carnival-corporation-nyseccl-launches-us1-billion-debt-refin
[2] https://finance.yahoo.com/news/cornerstone-total-return-fund-inc-131500866.html
[3] https://www.stocktitan.net/news/CRF/cornerstone-total-return-fund-inc-announces-completion-of-rights-xd9adnpj38z6.html