GECC - Great Elm Capital Corp. (GECC) Raises $24 Million of Equity at Net Asset Value | Benzinga
PALM BEACH GARDENS, Fla., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the "Company" or "GECC"), (NASDAQ:GECC), a business development company, today announced it issued approximately 1.85 million shares of the Company's common stock at a current net asset value of $12.97 per share to a special purpose vehicle for an aggregate gross purchase price of $24 million (the "Transaction").
The Transaction is supported by a $6 million investment from Great Elm Group, Inc. ("GEG") in the special purpose vehicle, further aligning the Company's investment manager with shareholders.
"Our ability to raise capital at net asset value is a testament to the repositioning plan we implemented over the past two years," said Matt Kaplan, GECC's Chief Executive Officer. "New non-dilutive equity allows us to grow our asset base to further execute on our growth strategy and pursue our robust pipeline of investments. Increased scale will benefit our shareholders as we leverage our infrastructure and further diversify our portfolio."
Jason Reese, GEG's Chief Executive Officer, said, "GEG is committed to scaling GECC. This transaction is beneficial for ...