AInvest Newsletter
Daily stocks & crypto headlines, free to your inbox
Cornerstone Total Return Fund completes one-for-three rights offering, raises $207mln.
ByAinvest
Monday, May 19, 2025 9:23 am ET1min read
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 OfferingNew 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
Ainvest News articles are AI-generated using advanced large language model (LLM) technology designed to analyze and synthesize publicly available data and news. While AI tools assist in producing initial drafts and insights, all AI generated content published on Ainvest is subject to comprehensive human editorial review before publication. A designated human editor reviews, verifies, and approves each article for factual accuracy, coherence, and compliance with AInvest Fintech Inc’s editorial and disclosure standards.
Despite these review procedures, the information provided may still contain inaccuracies, incomplete data, or time sensitive references due to the inherent limitations of AI generated analysis and evolving changes. The material is provided strictly for informational and educational purposes and does not constitute personalized investment, legal, or financial advice. Readers should independently verify all facts, figures, and statements before making any decision based on this content.
AInvest Fintech Inc. its affiliates, and partners accept no liability or responsibility for any direct or consequential losses arising from reliance on this content. All articles and analyses are subject to revision, update, or removal without prior notice to maintain accuracy and integrity in our publications.
Comments
No comments yet