NEW YORK, March 21, 2022 (Globe NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”) currently introduced that it has entered into a new Rule 10b5-1 stock trading strategy to facilitate the repurchase of its typical stock in accordance with its recently re-authorized $10 million share repurchase system.
Repurchases might be designed in the open up current market at prevailing marketplace costs from time to time as industry disorders warrant. All repurchases will be carried out in accordance with the applicable necessities of Guidelines 10b5-1 and 10b-18 underneath the U.S. Securities Trade Act of 1934.
An unbiased U.S. broker-seller is performing as the Company’s agent to purchase its shares on pre-arranged conditions pursuant to the Rule 10b5-1 Stock Investing Plan.
Of note, on March 8, 2022, the Company’s Board of Directors re-approved its share repurchase program, whereby the Organization may well repurchase up to an aggregate of $10 million of its shares in the open up marketplace until March 31, 2023, which include pursuant to the previously mentioned-described new Rule 10b5-1 stock buying and selling approach.
About Portman Ridge Finance Company
Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed financial commitment organization that has elected to be controlled as a small business development corporation underneath the Expense Organization Act of 1940. Portman Ridge’s middle sector investment decision small business originates, buildings, funds and manages a portfolio of phrase financial loans, mezzanine investments and chosen equity securities in center industry organizations. Portman Ridge’s investment routines are managed by its investment adviser, Sierra Crest Expense Management LLC, an affiliate of BC Associates Advisors, LP.
Portman Ridge’s filings with the Securities and Trade Fee (the “SEC”), earnings releases, push releases and other fiscal, operational and governance details are accessible on the Company’s web page at www.portmanridge.com.
Cautionary Assertion Concerning Forward-Searching Statements
This push release consists of ahead-looking statements relating to repurchases of shares of the Company’s popular inventory. There is no assurance that repurchases will be made in any specific quantities or that the market place selling price of the Company’s shares, either totally or relative to net asset benefit, will maximize as a consequence of any share repurchases, or that any repurchases will increase stockholder price over the prolonged term. The ahead-on the lookout statements ought to be go through in conjunction with the challenges and uncertainties talked about in the Company’s filings with the SEC, which includes the Company’s most recent Kind 10-K and other SEC filings.
Portman Ridge Finance Company
650 Madison Avenue, 23rd floor
New York, NY 10022
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