GREENWICH, Conn.–(BUSINESS WIRE)–Teton Advisors, Inc. (“Teton”) (OTC PINK: TETAA) announces that it has amended its rights offering circular with the record date set for June 3, 2022 and the rights period subscription extending through September 21, 2022. Teton is also updating information about the rights offering that it previously provided in its April 6 press release.
“Our commitment is to drive a return for our clients using our value-based methodologies. So this rights offering helps strengthen the platform as our team carries out its mission for clients’ portfolios. We are delighted to build on the next step in the Teton and Keeley funds’ legacy of excellence in small-cap investing Small caps are now selling at the biggest discount to large-caps in 35 years Our integrated approach should generate long-term value for our customers,” said Patrick Huvane, the company’s Chief Financial Officer.
The rights offering will give Teton shareholders the right to receive transferable rights to purchase additional Class A common shares of the company, with a par value of $0.001 per share, at a subscription price of 15.50 $ and on the record date of June 3, 2022. Only Class A common shares of the Shares will be issued, whether or not the registered shareholder holds Class A common shares and/or Class B common shares. All registered shareholders will receive three (3) subscription rights for each Class A common share and/or Class B common share then held. Nine (9) rights are required to subscribe for one new Class A common share. Assuming the rights offering is fully subscribed, the Company expects the gross proceeds of the offering to be approximately $6.8 million. The net proceeds of the offering will be used as working capital for general corporate purposes and for acquisitions, although the Company has not identified any specific acquisitions at this time.
The Rights Offering will include an Oversubscription Right, which will provide a Registered Shareholder, who exercises all of their Basic Subscription Rights in full, the right to purchase additional unsubscribed Common Shares upon expiration of the Rights Offering, subject to the availability and proportional distribution of the shares among the persons exercising this oversubscription right. However, rights purchased on the secondary market are not eligible for the oversubscription right.
The Class A common shares issued pursuant to the rights offering will be listed on the over-the-counter (OTC) market. The rights are also expected to trade on the OTC until five business days prior to September 21, 2022; the expiration date of the subscription period.
The Company reserves the right to modify, postpone or cancel the rights offering at any time prior to the closing of the issuance of the Class A common shares and Class B common shares under the offering. of rights.
Teton Advisors, Inc. (OTC Pink: TETAA) is a small business investment specialist, serving a diverse clientele of institutional, high net worth and mutual fund investors under brands such as Teton Westwood, Gabelli and Keeley. The company was founded on a commitment to discovering value by focusing on companies that are misunderstood or ignored by the market using methodologies developed by investment pioneers Mario Gabelli and John L. Keeley, Jr. As active and fundamental investors, Teton’s portfolio teams think independently. and focus on identifying short-term market inefficiencies to generate long-term alpha. Teton’s investment professionals share the belief that difference is the cornerstone to uncovering hidden value in stocks. Teton’s time-tested investment approaches can help differentiate your clients’ portfolios, offering differentiated attributes to complement a broader portfolio. From humble beginnings over 40 years ago to today, the disciplined discovery of value™ has shaped the cornerstone of our clients’ long-term success.