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Contact Information: For further information contact: Bruce Rubin (203) 983-5280
TICC Announces Results of Rights Offering
| Source: TICC Capital Corp.
GREENWICH, CT--(Marketwire - June 16, 2008) - TICC Capital Corp. (the "Company") (NASDAQ : TICC ) announced today the results of its transferable rights offering,
which expired on June 13, 2008 ("the Expiration Date"). The rights
offering, which was oversubscribed, will result in the issuance of
approximately 4.3 million shares of TICC common stock. Estimated net
proceeds after payment of dealer-manager fees and before other
offering-related expenses will total approximately $21.7 million and will
be used for making additional investments, as well as to pay operating
expenses, temporarily repay debt and generally enhance our liquidity. The
subscription price for the rights offering was $5.20, or 88% of the
volume-weighted average of the sales prices ("VWAP") of the Company's
common stock on the Nasdaq Global Select market on the five consecutive
trading days ending on the Expiration Date. The VWAP was approximately
$5.91.
On May 23, 2008 the Company issued to its stockholders of record
transferable rights to subscribe for up to 4,339,226 shares of the
Company's common stock. Record date stockholders received one right for
each outstanding share of common stock owned on the record date. The
rights, which entitled holders to purchase one new share of common stock
for every five rights held, were listed for trading on the Nasdaq Global
Select Market under the symbol "TICCR."
RBC Capital Markets Corporation acted as dealer manager for the rights
offering.
About TICC Capital Corp.
We are a publicly-traded business development company principally engaged
in providing capital to small to mid-size technology-related companies.
While the structures of our financings vary, we look to invest primarily in
the debt and equity of established technology-related businesses.
Companies interested in learning more about financing opportunities should
contact Barry Osherow, at (203) 661-9572 or visit our website at
www.ticc.com.
Forward-Looking Statements
This press release contains forward-looking statements subject to the
inherent uncertainties in predicting future results and conditions. Any
statements that are not statements of historical fact (including statements
containing the words "believes," "plans," "anticipates," "expects,"
"estimates" and similar expressions) should also be considered to be
forward-looking statements. Certain factors could cause actual results and
conditions to differ materially from those projected in these
forward-looking statements. These factors are identified from time to time
in our filings with the Securities and Exchange Commission. We undertake no
obligation to update such statements to reflect subsequent events.
For further information regarding the offering please contact the
Information Agent: