HomeNews UpdateGreat Elm Capital Corp. (“GECC”) raises $12 million in equity at net asset value
Great Elm Capital Corp. (“GECC”) raises $12 million in equity at net asset value
June 24, 2024
Great Elm Capital Corp. (GECC) raised $12 million by issuing approximately 1.0 million shares of common stock at a net asset value of $12.03 per share to Prosper Peak Holdings. Its parent company, Great Elm Group (GEG), invested $3 million in Prosper Peak Holdings, aligning its interests with those of GECC shareholders.
With this latest financing, GECC’s total non-dilutive equity raised this year is $38 million. CEO Matt Kaplan highlighted the company’s growth, noting that gross net asset value has increased by nearly 80% since March 2022. GEG CEO Jason Reese emphasized the group’s commitment to expanding its lending platform through this investment.
Positive
Raised USD 12 million at net asset value, thereby avoiding dilution of shareholders.
Total non-dilutive equity raised since the beginning of the year is $38 million.
Gross net asset value has increased by almost 80% since March 2022.
The Great Elm Group invested $3 million in Prosper Peak Holdings in line with shareholder interests.
Great Elm Capital Corp. (GECC) has successfully 12 million US dollars of equity to the current net asset value (NAV) of $12.03 per share. This is a significant step considering the non-dilutive nature of the equity raised, which protects existing shareholders from dilution. The total Gross net asset value is almost 80% since March 2022. This dramatic increase indicates effective management and strategic growth initiatives.
Private investors should note Increase in equity to net asset value is usually cheap. It shows investors’ confidence in the current valuation and prospects of the company. In addition, GECC’s ability to 38 million US dollars of non-dilutive equity since the beginning of the year underpins its strong capital management strategies.
The Great Elm Group 3 million US dollars Investing in Prosper Peak Holdings (PPH) aligns its interests with those of existing shareholders and signals commitment and trust from the parent company. This could increase shareholder value over the long term by expanding the capital base, potentially leading to more robust earnings.
The participation of Prosper Peak Holdings (PPH) and Great Elm Group, Inc. in this capital increase is particularly noteworthy. By channeling 3 million US dollars With the acquisition of PPH, Great Elm Group strategically positions itself within its investment manager’s ecosystem. Such investments often lead to improved synergies and operational efficiencies.
This strategic move could boost market confidence as both internal and external stakeholders see significant potential in GECC’s growth trajectory. For retail investors, this indicates a robust support network and further strategic direction, which could lead to more stable and predictable growth patterns in the future.
PALM BEACH GARDENS, Fla., June 24, 2024 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (the “Company” or “GECC”), (NASDAQ: GECC), a business development company, today announced that it has issued approximately 1.0 million shares of the Company’s common stock at a current net asset value of $12.03 per share for a total gross purchase price of 12 million US dollarsto Prosper Peak Holdings, LLC (“PPH”).
Great Elm Group, Inc. (“GEG”), the parent company of the Company’s investment manager, made a 3 million US dollars Investing in PPH to make it even more shareholder-focused.
“We have 38 million US dollars of non-dilutive equity year-to-date, supporting our efforts to expand the platform,” said Matt Kaplan, CEO of GECC. “Our gross net asset value in dollars has increased by nearly 80% since the renewal of management and the Board of Directors in March 2022, which benefits our shareholders as we leverage our infrastructure and expand our portfolio areas.”
Jason Reese, CEO of GEG, said: “GEG is committed to supporting and growing its GECC-backed lending platform. We are pleased to announce our investment in Prosper Peak, which will further strengthen GECC’s capital base.”
About Great Elm Capital Corp. GECC is an externally managed business development company that seeks to generate current income and capital appreciation through investments in debt and income-producing equity securities, including investments in specialty finance companies.
Cautionary note regarding forward-looking statements Statements in this release that are not historical facts are “forward-looking” statements within the meaning of the U.S. securities laws. These statements are often, but not always, identified by the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All of these 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 those expressed in the statements. Among the most important 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 pressures, the price of GECC’s common stock and the performance of GECC’s portfolio and investment manager. Information regarding 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 undertakes no obligation, and expressly disclaims any obligation, to update any forward-looking statements contained in this release or to conform any 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, which speak only as of the date they are made.
This press release does not constitute an offer of securities for sale.
Contact for media and investors: Investor Relations [email protected]
Source: Great Elm Capital Corp.
FAQ
How much equity did GECC raise in its latest financing round?
GECC raised $12 million in its latest funding round.
What was the net asset value per share of GECC’s last share issue?
The net asset value per share for GECC’s last share offering was $12.03.
How many shares did GECC issue in its recent $12 million capital increase?
GECC issued approximately 1.0 million shares as part of its recent $12 million capital increase.
Who invested in GECC’s recent $12 million capital raise?
Prosper Peak Holdings invested in GECC’s recent $12 million capital raise.
How much did Great Elm Group invest in Prosper Peak Holdings?
Great Elm Group invested $3 million in Prosper Peak Holdings.
What is the total amount of non-dilutive equity raised by GECC this year?
GECC has raised a total of $38 million in non-dilutive equity this year.
How much has GECC’s gross net asset value increased since March 2022?
GECC’s gross net asset value has increased by nearly 80% since March 2022.
Great Elm Capital Corp. (“GECC”) raises $12 million in equity at net asset value
Great Elm Capital Corp. (GECC) raised $12 million by issuing approximately 1.0 million shares of common stock at a net asset value of $12.03 per share to Prosper Peak Holdings. Its parent company, Great Elm Group (GEG), invested $3 million in Prosper Peak Holdings, aligning its interests with those of GECC shareholders.
With this latest financing, GECC’s total non-dilutive equity raised this year is $38 million. CEO Matt Kaplan highlighted the company’s growth, noting that gross net asset value has increased by nearly 80% since March 2022. GEG CEO Jason Reese emphasized the group’s commitment to expanding its lending platform through this investment.
Positive
Great Elm Capital Corp. (GECC) has successfully12 million US dollars of equity to the current net asset value (NAV) of $12.03 per share. This is a significant step considering the non-dilutive nature of the equity raised, which protects existing shareholders from dilution. The total Gross net asset value is almost 80% since March 2022. This dramatic increase indicates effective management and strategic growth initiatives.
Private investors should note Increase in equity to net asset value is usually cheap. It shows investors’ confidence in the current valuation and prospects of the company. In addition, GECC’s ability to38 million US dollars of non-dilutive equity since the beginning of the year underpins its strong capital management strategies.
The Great Elm Group3 million US dollars Investing in Prosper Peak Holdings (PPH) aligns its interests with those of existing shareholders and signals commitment and trust from the parent company. This could increase shareholder value over the long term by expanding the capital base, potentially leading to more robust earnings.
The participation of Prosper Peak Holdings (PPH) and Great Elm Group, Inc. in this capital increase is particularly noteworthy. By channeling3 million US dollars With the acquisition of PPH, Great Elm Group strategically positions itself within its investment manager’s ecosystem. Such investments often lead to improved synergies and operational efficiencies.
This strategic move could boost market confidence as both internal and external stakeholders see significant potential in GECC’s growth trajectory. For retail investors, this indicates a robust support network and further strategic direction, which could lead to more stable and predictable growth patterns in the future.
PALM BEACH GARDENS, Fla., June 24, 2024 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (the “Company” or “GECC”), (NASDAQ: GECC), a business development company, today announced that it has issued approximately 1.0 million shares of the Company’s common stock at a current net asset value of$12.03 per share for a total gross purchase price of 12 million US dollars to Prosper Peak Holdings, LLC (“PPH”).
Great Elm Group, Inc. (“GEG”), the parent company of the Company’s investment manager, made a3 million US dollars Investing in PPH to make it even more shareholder-focused.
“We have38 million US dollars of non-dilutive equity year-to-date, supporting our efforts to expand the platform,” said Matt Kaplan, CEO of GECC. “Our gross net asset value in dollars has increased by nearly 80% since the renewal of management and the Board of Directors in March 2022, which benefits our shareholders as we leverage our infrastructure and expand our portfolio areas.”
Jason Reese, CEO of GEG, said: “GEG is committed to supporting and growing its GECC-backed lending platform. We are pleased to announce our investment in Prosper Peak, which will further strengthen GECC’s capital base.”
About Great Elm Capital Corp.
GECC is an externally managed business development company that seeks to generate current income and capital appreciation through investments in debt and income-producing equity securities, including investments in specialty finance companies.
Cautionary note regarding forward-looking statements
Statements in this release that are not historical facts are “forward-looking” statements within the meaning of the U.S. securities laws. These statements are often, but not always, identified by the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All of these 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 those expressed in the statements. Among the most important 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 pressures, the price of GECC’s common stock and the performance of GECC’s portfolio and investment manager. Information regarding 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 undertakes no obligation, and expressly disclaims any obligation, to update any forward-looking statements contained in this release or to conform any 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, which speak only as of the date they are made.
This press release does not constitute an offer of securities for sale.
Contact for media and investors:
Investor Relations
[email protected]
Source: Great Elm Capital Corp.
FAQ
How much equity did GECC raise in its latest financing round?
GECC raised $12 million in its latest funding round.
What was the net asset value per share of GECC’s last share issue?
The net asset value per share for GECC’s last share offering was $12.03.
How many shares did GECC issue in its recent $12 million capital increase?
GECC issued approximately 1.0 million shares as part of its recent $12 million capital increase.
Who invested in GECC’s recent $12 million capital raise?
Prosper Peak Holdings invested in GECC’s recent $12 million capital raise.
How much did Great Elm Group invest in Prosper Peak Holdings?
Great Elm Group invested $3 million in Prosper Peak Holdings.
What is the total amount of non-dilutive equity raised by GECC this year?
GECC has raised a total of $38 million in non-dilutive equity this year.
How much has GECC’s gross net asset value increased since March 2022?
GECC’s gross net asset value has increased by nearly 80% since March 2022.
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