CION Investment Corp 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on December 14, 2016, by CION Investment Corporation (CION), a Maryland corporation. The report covers events occurring on December 13 and December 14, 2016, specifically regarding a material definitive agreement and the declaration of cash distributions.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial data disclosed is the declaration of five weekly cash distributions totaling $0.070335 per share ($0.014067 per distribution).
Material Changes
- Expense Support Agreement Extension: On December 14, 2016, CION entered into a Third Amended and Restated Expense Support and Conditional Reimbursement Agreement with CION Investment Group, LLC (CIG) and Apollo Investment Management, L.P. (AIM). This agreement extends the termination date of the expense support from December 31, 2016, to December 31, 2017. No other material terms were amended.
- Distribution Declaration: On December 13, 2016, the Board of Directors declared five weekly cash distributions of $0.014067 per share each.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard incorporation of the expense support agreement. The extension of the expense support agreement ensures continued reimbursement of certain expenses through the end of 2017, which is a contingency for the company's operating cost structure.
Investor Verification Checklist
- Verify the specific terms of the "Third Expense Support Agreement" (Exhibit 10.1) to understand the conditions under which CIG and AIM reimburse expenses.
- Confirm the record dates for the five weekly distributions: January 3, 10, 17, 24, and 31, 2017.
- Note the payment date for all distributions is February 1, 2017.
- Review the press release (Exhibit 99.1) for any additional context regarding the distribution declaration.