As previously announced, on February 14, 2024, the company’s board of directors authorized a modified Dutch auction tender offer to purchase up to 2 million shares of its common stock at a price per share not less than $4 and not greater than $5 and $0.10 increments using available cash. The tender offer commenced on February 20, 2024, and will expire at 5:00 p.m. Eastern Time on April 1, 2024, unless extended. If the tender offer is fully subscribed, the company will purchase 2 million shares or approximately 7.9% of the company’s outstanding shares of its common stock. Any shares tendered may be withdrawn prior to expiration of the tender offer. Stockholders that do not wish to participate in the tender offer do not need to take any action.
Based on the number of shares tendered and the prices specified by the tendering stockholders, the company will determine the lowest per share price that will enable it to acquire up to 2 million shares of its common stock. All shares accepted in the tender offer will be purchased at the same price even if tendered at a lower price. The tender offer is not contingent upon any minimum number of shares being tendered. The tender offer is, however, subject to other conditions, which are disclosed in the tender offer documents filed with the U.S. Securities and Exchange Commission on February 20, 2024. In the future, the board of directors may consider additional tender offers or other measures to enhance shareholder value based upon a variety of factors, including the market price of the company’s common stock and its net asset value.
The company’s board of directors is not making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the tender offer. Stockholders must decide how many shares they will tender, if any, and the price within the stated range at which they will offer their shares for purchase. The information agent for the tender offer is D.F. King & Co. and the depository is Equiniti Trust Company, LLC. The offer to purchase, a letter of transmittal and related documents have been mailed to registered holders and certain of our beneficial holders. Beneficial holders may alternatively receive the offer to purchase and a communication to consult with their bank, broker or custodian if they wish to tender shares.
For questions and information, please contact the information agent at suro@dfking.com. Banks and brokers may call the information agent at (212) 269-5550, and all others may call the information agent toll-free at 877-361-7972. Shareholders may also visit the SuRo Capital website at www.surocap.com for a list of frequently asked questions related to the tender offer. That concludes my comments. We would like to thank you for your interest and support of SuRo Capital. Now I will turn the call over to the operator to start the Q&A session. Operator?
Operator: [Operator Instructions] And it does not appear we have any questions coming through. I’d like to turn it back over to your host for any closing comments.
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Mark Klein : We at SuRo Capital thank you for spending the time with us this afternoon, and thank you for your ongoing support. Thank you very much.
Operator: Thank you. That concludes today’s conference. You may now disconnect.
