Cornerstone Total Return Fund, Inc. Announces Completion Of Rights Offering
Cornerstone Total Return Fund (NYSE: CRF) has successfully completed its one-for-three rights offering that expired on May 16, 2025. The subscription price was set at $6.97 per share, higher than the initial estimate of $6.29. The Fund received substantial interest with requests totaling approximately $207 million in shares.
The subscription price was determined as the greater of 112% of NAV or 80% of market price at expiration. The Fund plans to issue over-subscription shares, with new shares expected to be issued around May 22, 2025. Notably, newly issued shares will not be eligible for the Fund's May 2025 distribution.
Il Cornerstone Total Return Fund (NYSE: CRF) ha completato con successo la sua offerta diritti uno ogni tre azioni scaduta il 16 maggio 2025. Il prezzo di sottoscrizione è stato fissato a 6,97 $ per azione, superiore alla stima iniziale di 6,29 $. Il Fondo ha ricevuto un notevole interesse con richieste per un totale di circa 207 milioni di dollari in azioni.
Il prezzo di sottoscrizione è stato determinato come il maggiore tra il 112% del NAV o l’80% del prezzo di mercato alla scadenza. Il Fondo prevede di emettere azioni in sovrapprezzo, con le nuove azioni che dovrebbero essere emesse intorno al 22 maggio 2025. È importante notare che le azioni di nuova emissione non saranno idonee per la distribuzione del Fondo di maggio 2025.
El Cornerstone Total Return Fund (NYSE: CRF) ha completado con éxito su oferta de derechos uno por cada tres acciones que venció el 16 de mayo de 2025. El precio de suscripción se estableció en 6,97 $ por acción, superior a la estimación inicial de 6,29 $. El Fondo recibió un interés considerable con solicitudes que totalizaron aproximadamente 207 millones de dólares en acciones.
El precio de suscripción se determinó como el mayor entre el 112% del NAV o el 80% del precio de mercado al vencimiento. El Fondo planea emitir acciones adicionales por sobresuscripción, y se espera que las nuevas acciones se emitan alrededor del 22 de mayo de 2025. Cabe destacar que las acciones recién emitidas no serán elegibles para la distribución del Fondo de mayo de 2025.
코너스톤 토탈 리턴 펀드(NYSE: CRF)는 2025년 5월 16일 만료된 3주당 1주의 권리 공모를 성공적으로 완료했습니다. 청약 가격은 주당 6.97달러로, 초기 예상치인 6.29달러보다 높게 책정되었습니다. 펀드는 약 2억 700만 달러 상당의 주식 청약 요청을 받으며 큰 관심을 모았습니다.
청약 가격은 만기 시 NAV의 112% 또는 시장 가격의 80% 중 높은 쪽으로 결정되었습니다. 펀드는 초과 청약 주식을 발행할 계획이며, 신규 주식은 2025년 5월 22일경 발행될 예정입니다. 새로 발행된 주식은 2025년 5월 펀드 배당 대상에서 제외됩니다.
Le Cornerstone Total Return Fund (NYSE : CRF) a mené à bien son offre de droits un pour trois actions, qui a expiré le 16 mai 2025. Le prix de souscription a été fixé à 6,97 $ par action, supérieur à l’estimation initiale de 6,29 $. Le Fonds a suscité un intérêt important avec des demandes totalisant environ 207 millions de dollars en actions.
Le prix de souscription a été déterminé comme le plus élevé entre 112 % de la valeur liquidative (NAV) ou 80 % du prix du marché à l’échéance. Le Fonds prévoit d’émettre des actions en suscription excédentaire, les nouvelles actions devant être émises vers le 22 mai 2025. Il est à noter que les actions nouvellement émises ne seront pas éligibles à la distribution du Fonds de mai 2025.
Der Cornerstone Total Return Fund (NYSE: CRF) hat sein Bezugsrechtangebot eins zu drei, das am 16. Mai 2025 ablief, erfolgreich abgeschlossen. Der Zeichnungspreis wurde auf 6,97 $ pro Aktie festgelegt, höher als die anfängliche Schätzung von 6,29 $. Der Fonds erhielt großes Interesse mit Zeichnungsanfragen in Höhe von insgesamt etwa 207 Millionen Dollar an Aktien.
Der Zeichnungspreis wurde als der höhere Wert von 112 % des NAV oder 80 % des Marktpreises zum Ablaufdatum bestimmt. Der Fonds plant, Überzeichnungsaktien auszugeben, wobei die neuen Aktien voraussichtlich um den 22. Mai 2025 ausgegeben werden. Bemerkenswert ist, dass die neu ausgegebenen Aktien nicht für die Ausschüttung des Fonds im Mai 2025 berechtigt sind.
- Received significant interest with $207 million in share requests
- Successfully completed rights offering with higher subscription price than estimated ($6.97 vs $6.29)
- Dilutive effect on existing shareholders through new share issuance
- New shares not eligible for May 2025 distribution
Insights
CRF completed a successful rights offering raising ~$207M, priced at a higher-than-expected $6.97 per share, with shares to be issued May 22.
The Cornerstone Total Return Fund (CRF) has successfully completed its one-for-three rights offering, raising approximately
The pricing mechanism was structured to protect existing shareholders, with the subscription price set at the greater of
Based on the subscription agent's preliminary results, the offering was oversubscribed, prompting the fund to issue additional shares under the over-subscription privilege. This strong investor response suggests confidence in the fund's management and strategy, though it will result in dilution for existing shareholders who didn't fully participate.
An important detail for income-focused investors: newly issued shares won't receive the May 2025 distribution. 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.
NEW YORK, May 19, 2025 (GLOBE NEWSWIRE) -- Cornerstone Total Return Fund, Inc. (the “Fund”) (NYSE American: CRF) (CUSIP: 21924U300) is pleased to announce the completion of its one-for-three rights offering which expired on Friday, May 16, 2025 (the “Offering”). 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
Based on preliminary results provided by the Fund's subscription agent, the Fund received requests for approximately
The subscription price is higher than the original estimated subscription price of
Cornerstone Total Return 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 Total Return Fund, Inc. is traded on the NYSE American under the trading symbol “CRF”. The Fund’s investment adviser is Cornerstone Advisors, LLC, which also serves as the investment adviser to another closed-end fund, Cornerstone Strategic Investment Fund, Inc. (NYSE American: CLM). For more information regarding Cornerstone Strategic Investment Fund, Inc. or Cornerstone Total Return Fund, Inc. please visit www.cornerstonestrategicinvestmentfund.com, and www.cornerstonetotalreturnfund.com.
Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price that is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on the Fund’s investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in the Fund’s disclosure documents, filed with the SEC, and actual trends, developments and regulations in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
Contact: (866) 668-6558
FAQ
What is the subscription price for CRF's rights offering in May 2025?
How many shares could CRF shareholders purchase in the May 2025 rights offering?
When will CRF issue the new shares from the 2025 rights offering?
Will the new CRF shares receive the May 2025 distribution?
How much interest did CRF's 2025 rights offering receive?
