Great Elm Capital Corp. Secures $15 Million in New Funding
Great Elm Capital Corp. Secures $15 Million in New Funding
Great Elm Capital Corp. (the "Company" or "GECC"), a prominent business development company, has successfully issued approximately 1.3 million shares, which represents 9.9% of its outstanding common stock. Priced at $11.65 per share, this equity financing has raised gross proceeds of $15.0 million. The investment comes from an affiliate of the newly appointed director, Booker Smith, who brings valuable experience in corporate credit and real estate investing.
Ongoing Growth and Strategic Moves
This capital raise is a crucial milestone in GECC's continued growth strategy. Over the last year, GECC has raised nearly $30 million in equity, allowing the company to enhance its balance sheet and gain the necessary scale to bolster its long-term investment objectives.
Strengthening Confidence in Business Strategy
Matt Kaplan, GECC's Chief Executive Officer, commented, "This capital raise provides GECC with additional funds that can be leveraged to pursue attractive investment opportunities in today's markets. It's also a definitive vote of confidence in the company's turnaround since March 2022 and the robustness of our operational platform."
Investment Focus and Strategic Direction
The infusion of capital significantly enhances GECC's ability to implement its investment strategy, which focuses on generating sustainable income and total return through a diversified portfolio encompassing debt instruments, income-producing equity, and specialty finance businesses. This transaction highlights the essential support from long-term institutional investors who have witnessed GECC's progress over the past few years.
About Great Elm Capital Corp.
Great Elm Capital Corp. is an externally managed business development company dedicated to creating current income and capital appreciation by investing in debt and income-generating equity securities. This includes targeted investments in specialty finance businesses and collateralized loan obligations (CLOs).
Contact Information
For inquiries, please reach out to:
Investor Relations
Email: investorrelations@greatelmcap.com
Frequently Asked Questions
What was the total equity raised by GECC?
The total equity raised by Great Elm Capital Corp. is $15 million in this latest round.
Who was the investor for this raise?
The investment came from an affiliate of Booker Smith, a newly appointed director at Great Elm Group, Inc.
What is the purpose of the newly raised funds?
The funds will be used to pursue advantageous investment opportunities and enhance the company’s growth strategy.
How much equity has GECC raised in the past year?
In the past 12 months, GECC has successfully raised nearly $30 million in equity.
What types of investments does GECC focus on?
GECC focuses on generating sustainable income through investments in debt instruments, equity securities, and specialty finance businesses.
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