Rivernorth Capital & Income Fund, Inc. - 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K is dated September 30, 2024, for Rivernorth Capital & Income Fund, Inc. (the "Fund"). The filing addresses the upcoming redemption and subsequent delisting of the Fund's 5.875% Series A Term Preferred Stock (NYSE: RMPL).
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or margin data. Specific financial details relate solely to the preferred stock redemption:
- Shares Redeemed: All 1,656,000 outstanding shares of Series A Preferred Stock.
- Redemption Price: Estimated at $25.31 per share.
- Price Composition: $25.00 liquidation preference plus $0.31 in estimated accrued and unpaid dividends.
- Total Estimated Redemption Value: Approximately $41.91 million (1,656,000 shares x $25.31).
Material Changes
The primary material change is the adjustment of the redemption timeline for the Series A Preferred Stock. While a prior announcement on September 4, 2024, indicated an anticipated redemption date of October 4, 2024, the Fund has determined the redemption will now occur on October 31, 2024. Consequently, the stock will be suspended from the NYSE before market open on the redemption date, and a Form 25 will be filed to effect the withdrawal of the listing.
Outlook, Risks, and Management Commentary
Management has confirmed the intention to redeem all outstanding shares of the Series A Preferred Stock. The filing notes that the redemption price includes accrued dividends up to the Redemption Date. No specific guidance on future operations, risks, or contingencies beyond the execution of this redemption and delisting is provided in this document.
Investor Verification Checklist
- Verify the final redemption price per share on the official redemption notice, as the $25.31 figure is an estimate including accrued dividends.
- Confirm the exact suspension date of trading on the NYSE for ticker RMPL prior to October 31, 2024.
- Review the attached Press Release (Exhibit 99.1) for any additional terms regarding the redemption process.
- Monitor subsequent filings (Form 25) to confirm the official delisting of the Series A Preferred Stock.