CION Investment Corp Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on March 15, 2013, reporting events occurring on March 14, 2013. CION Investment Corporation, a Maryland-based closed-end fund, announced adjustments to its semi-monthly cash distributions and public offering price.
Key Financial Metrics
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity. The primary financial metrics disclosed relate to capital structure and shareholder distributions:
- Public Offering Price: Increased from $10.13 to $10.19 per share.
- Target Annual Distribution Yield: Maintained at 7.00% based on the new offering price.
- Semi-Monthly Distribution (First): $0.029546 per share for shareholders of record as of March 15, 2013.
- Semi-Monthly Distribution (Second): $0.029721 per share for shareholders of record as of March 31, 2013.
- Payment Date: Both distributions are payable on April 1, 2013.
Material Changes
The Board of Directors approved an increase in the public offering price effective March 18, 2013. This adjustment applies to subscriptions received between March 1, 2013, and March 15, 2013. Consequently, the semi-monthly cash distribution rate was increased from $0.029546 to $0.029721 per share to preserve the 7.00% annual yield target.
Outlook and Management Commentary
Management's action reflects a strategic decision to adjust the offering price and distribution rate in tandem to maintain a consistent yield for investors. No specific guidance, risks, or contingencies regarding future operations were detailed in this specific filing beyond the distribution mechanics.
Investor Verification Checklist
- Confirm the record dates (March 15 and March 31, 2013) to determine eligibility for the specific distribution rates.
- Verify the effective date of the new $10.19 offering price (March 18, 2013) for any pending subscriptions.
- Review the attached press release (Exhibit 99.1) for additional context on the pricing decision.