CUBA - The Herzfeld Caribbean Basin Fund Inc. Announces Final Results of Rights Offering | Benzinga
MIAMI BEACH, Fla., Dec. 18, 2023 (GLOBE NEWSWIRE) -- The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the "Fund") today announced the final results of its non-transferable rights offering (the "Offering") that expired on December 13, 2023 (the "Expiration Date"). The Fund will issue a total of 9,000,000 new shares of common stock as a result of the Offering.
The Offering's final subscription price per share was determined to be $2.31. The subscription price was established pursuant to the terms of the Offering and based on a formula equal to 92% of the volume-weighted average closing sales price of a share of common stock on the NASDAQ Capital Market on the Expiration Date of the Offering and the four preceding trading days.
The Offering was oversubscribed and the over-subscription requests exceeded the primary subscription shares available (i.e., 7,150,673 shares). The Board of Directors of the Fund determined to issue an additional 25.86% of the number of shares issued in the primary subscription, or 1,849,327 additional shares, for a total issuance of 9,000,000 new shares of common stock. The shares issued as part of the over-subscription privilege of the Offering will be allocated pro rata among record date stockholders who submitted over-subscription requests based on the number of rights originally issued to them by the Fund. Gross proceeds from the Offering, before any expenses of the Offering, are ...