CION Investment Corporation, a publicly registered non-traded business development company that manages approximately $1.8 billion in assets, has commenced the final steps to prepare for listing its shares on the New York Stock Exchange on or around October 5, 2021 under the ticker symbol “CION.”
Separately, the company reported that its previously announced 2-to-1 reverse stock split became effective on September 21, 2021. As a result of the reverse stock split, every two shares of outstanding common stock were automatically combined into one share, with the number of outstanding shares reduced from approximately 114 million to 57 million.
CION’s net asset value per share as of June 30, 2021 was adjusted from $8.17 per share to $16.34 per share, and the fourth quarter regular cash distribution of $0.1324 per share will instead be paid at $0.2648 percent. The previously announced year-end special cash distribution that was expected to be in the range of $0.07 to $0.10 per share will range from $0.14 to $0.20 per share.
CION Investment Corporation focuses primarily on senior secured loans to U.S. middle-market companies. Since launching in July 2012, the company raised approximately $1.2 billion in investor equity before closing its follow-on offering in January 2019.