Great Elm Capital Corp. (“GECC”) Raises $13.2 Million of Equity at Net Asset Value
Rhea-AI Summary
Great Elm Capital Corp. (GECC) has announced a significant equity raise of $13.2 million through the issuance of approximately 1.1 million shares at a net asset value of $12.06 per share to Summit Grove Partners, Additionally, Great Elm Group (GEG) invested $3.3 million in Summit Grove Partners, strengthening alignment with shareholders.
The company has raised nearly $50 million of equity at net asset value year-to-date. Since management and board refresh in March 2022, GECC has nearly doubled its gross net asset value, demonstrating substantial growth and portfolio expansion.
Positive
- Raised $13.2 million through equity issuance at NAV
- Additional $3.3 million investment from GEG strengthens alignment with shareholders
- Nearly $50 million total equity raised at NAV year-to-date
- Doubled gross net asset value since March 2022
Negative
- Potential dilution from issuance of 1.1 million new shares
News Market Reaction – GECC
In the trading session that priced this news, GECC declined 0.10%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PALM BEACH GARDENS, Fla., Dec. 12, 2024 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the “Company” or “GECC”), (NASDAQ: GECC), a business development company, announced it issued approximately 1.1 million shares of the Company’s common stock at a current net asset value of
Great Elm Group, Inc. (“GEG”) made a
“We have raised nearly
Jason Reese, GEG’s Chief Executive Officer, said, “GEG remains committed to building and enhancing its credit platform, anchored by GECC. We are excited to support the continued expansion of GECC utilizing the templates from prior capital raises.”
About Great Elm Capital Corp.
GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are: conditions in the credit markets, rising interest rates, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
This press release does not constitute an offer of any securities for sale.
Media & Investor Contact:
Investor Relations
investorrelations@greatelmcap.com
Source: Great Elm Capital Corp.
