As filed with the Securities and Exchange Commission on September 6, 2022
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Amendment No. 1)
Tender Offer Statement under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
SURO CAPITAL CORP.
(Name of Subject Company (Issuer))
SURO CAPITAL CORP.
(Names of filing Persons (Offeror and Issuer))
Common Stock, Par Value $0.01 per share
(Title of Class of Securities)
(CUSIP Number of Class of Securities)
(Underlying Common Stock)
Mark D. Klein
Chief Executive Officer and President
SuRo Capital Corp.
640 Fifth Avenue
New York, NY 10019
(Name, address and telephone number of person authorized
to receive notices and communications on behalf of filing person)
Steven B. Boehm, Esq.
Payam Siadatpour, Esq.
Eversheds Sutherland (US) LLP
700 Sixth Street, N.W.
Washington, D.C. 20001
¨ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the statement relates:
¨ Third-party tender offer subject to Rule 14d-1.
þ Issuer tender offer subject to Rule 13e-4.
¨ Going-private transaction subject to Rule 13e-3.
¨ Amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results of the tender offer: þ
If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
¨ Rule 13e-4(i) (Cross-Border Issuer Tender Offer)
¨ Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)
AMENDMENT NO. 1 SCHEDULE TO
This Amendment No. 1 (this “Amendment No. 1”) amends and supplements the Tender Offer Statement on Schedule TO originally filed with the U.S. Securities and Exchange Commission on August 8, 2022 (the “Schedule TO”), which relates to the tender offer by SuRo Capital Corp., a Maryland corporation (the “Company”), to purchase for cash up to 2,000,000 shares of its common stock, $0.01 par value per share, at a price per share of not less than $6.00 and not more than $7.00 in cash, less any applicable withholding taxes and without interest. The Company’s offer was made pursuant to the terms and subject to the conditions set forth in the Offer to Purchase, dated August 8, 2022 (the “Offer to Purchase”) and in the Letter of Transmittal (the “Letter of Transmittal”), which together constitute the “Tender Offer”.
All information in the Tender Offer, including all schedules and annexes thereto that were previously filed with the Schedule TO, is hereby expressly incorporated by reference into this Amendment No. 1, except that such information is hereby amended and supplemented to the extent specifically provided for herein and to the extent amended and supplemented by the exhibits filed herewith.
|Item 11.||Additional Information.|
Item 11 of the Schedule TO is hereby amended and supplemented by adding the following:
“On September 6, 2022, the Company issued a press release announcing the final results of the Tender Offer, which expired at 5:00 P.M., Eastern Time, on September 2, 2022. A copy of the press release is filed as Exhibit (a)(5)(i) to this Schedule TO and is incorporated herein by reference.”
Item 12 of the Schedule TO is hereby amended and supplemented by adding the following exhibit to the exhibit index:
|(a)(5)(ii)||Press release announcing final results of the Tender Offer, dated September 6, 2022.|
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: September 6, 2022
|SURO CAPITAL CORP.|
|/s/ Mark D. Klein|
Mark D. Klein|
Title: Chief Executive Officer and President
|(a)(1)(A)||Offer to Purchase, August 8, 2022.*|
|(a)(1)(B)||Form of Letter of Transmittal.*|
|(a)(1)(C)||Letter to brokers, dealers, commercial banks, trust companies and other nominees, dated August 8, 2022.*|
|(a)(1)(D)||Letter to clients for use by brokers, dealers, commercial banks, trust companies and other nominees, dated August 8, 2022.*|
|(a)(5)||Press release announcing the Tender Offer, dated August 3, 2022. (Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on August 3, 2022, and incorporated by reference herein.).|
|(a)(5)(ii)||Press release announcing final results of the Tender Offer, dated September 6, 2022**|
|(d)(1)||Dividend Reinvestment Program (Previously filed in connection with the Registrant’s Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-171578) filed on March 30, 2011, and incorporated by reference herein.)|
|(d)(2)||Equity Incentive Plan (Previously filed in connection with the Registrant’s Registration Statement on Form S-8 (File No. 333-233755) filed on September 13, 2019, and incorporated by reference herein.)|
|107||Filing Fee Table.*|
* Previously filed with the Schedule TO on August 8, 2022.
** Filed herewith.
SuRo Capital Corp. Announces Expiration and Final Results of Tender Offer
Modified Dutch Auction Tender Offer to Repurchase 2 Million Shares at $6.60 Per Share
NEW YORK, NY, September 6, 2022 (GLOBE NEWSWIRE) – SuRo Capital Corp. (“SuRo Capital” or the “Company”) (Nasdaq: SSSS) today announced its final results from its modified “Dutch Auction” tender offer (the “Tender Offer”). The Company’s Tender Offer expired at 5:00 P.M., Eastern Time, on September 2, 2022. The Tender Offer was made pursuant to an Offer to Purchase dated August 8, 2022 and the related Letter of Transmittal, by which the Company offered to purchase up to 2,000,000 shares of its common stock at a price per share not less than $6.00 and not greater than $7.00 in $0.10 increments, using available cash, which documents were filed with the Securities and Exchange Commission on August 8, 2022.
In accordance with the Company’s previously announced Tender Offer, and based on the final count by American Stock Transfer & Trust Company, LLC, the depositary for the Tender Offer, the Company will repurchase 2,000,000 shares, representing 6.6% of its outstanding shares, for payment on or about September 12, 2022, at a price of $6.60 per share on a pro rata basis, excluding fees and expenses relating to the self-tender offer. The per share purchase price of properly tendered shares represents 71.4% of net asset value (“NAV”) per share based as of June 30, 2022. The Company has determined that the proration factor for the tender offer is approximately 75.0%. The Company is funding the repurchase of shares in the Tender Offer using a portion of its cash on hand.
The information agent for the Tender Offer is D.F. King & Co. Inc., and the depositary is American Stock Transfer & Trust Company, LLC. For questions and information, please contact the information agent at email@example.com. Banks and brokers may call the information agent at (212) 269-5550, and all others may call the information agent toll-free at (800) 769-4414.
Statements included herein, including statements regarding SuRo Capital's beliefs, expectations, intentions, or strategies for the future, may constitute "forward-looking statements". SuRo Capital cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. All forward-looking statements involve a number of risks and uncertainties, including the impact of the COVID-19 pandemic and any market volatility that may be detrimental to our business, our portfolio companies, our industry, and the global economy, that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements. Risk factors, cautionary statements, and other conditions which could cause SuRo Capital's actual results to differ from management's current expectations are contained in SuRo Capital's filings with the Securities and Exchange Commission. SuRo Capital undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.
About SuRo Capital Corp.
SuRo Capital Corp. (Nasdaq: SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. SuRo Capital is headquartered in New York, NY and has offices in San Francisco, CA. Connect with the company on Twitter, LinkedIn, and at www.surocap.com.
SuRo Capital Corp.
Gotham Communications, LLC