SuRo Capital Corp. Will Commence A Modified Dutch Auction Tender Offer To Repurchase Up To 2M Shares Of Its Common Stock At A Price Per Share Not Less Than $4.00 And Not Greater Than $5.00 In $0.10 Increments, Using Available Cash.
Portfolio Pulse from Happy Mohamed
SuRo Capital Corp. (SSSS) announced a modified Dutch Auction tender offer to repurchase up to 2 million shares of its common stock, with a price range of $4.00 to $5.00 per share, using available cash. The offer starts on February 20, 2024, and ends on April 1, 2024. This move is aimed at enhancing shareholder value, as the company believes its stock is currently undervalued.
February 14, 2024 | 9:31 pm
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SuRo Capital Corp. is initiating a modified Dutch Auction tender offer to repurchase up to 2 million shares, indicating a strategic move to enhance shareholder value by capitalizing on the current undervaluation of its stock.
The tender offer by SuRo Capital Corp. is a clear signal of the company's confidence in its intrinsic value, suggesting a positive outlook on its stock. By repurchasing shares at a price range they consider undervalued, the company not only returns value to shareholders but may also positively impact the stock price in the short term. The repurchase represents about 7.9% of the company's outstanding shares, which is significant enough to potentially reduce supply and create upward price pressure.
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IMPORTANCE 90
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