RENN Fund, Inc. Announces Rights Offering for Shares of Common Stock, Record Date and Summary of
Terms
The Board of Directors of the RENN Fund, Inc. (NYSE MKT:RCG) (the “Fund”) announced today it has approved a non-transferable
rights offering (the “Offering”) to holders of its common shares of record at the close of business on December 28, 2018 (the
“Record Date”). The Offering will only be made by a prospectus, and this announcement does not constitute an offer to sell any of
the Fund’s securities.
Each shareholder will receive one non-transferable right for every share owned of the Fund held on the Record Date, and the
number of rights will be rounded up to the nearest whole number evenly divisible by 3. For every 3 rights each shareholder
receives, such shareholder will be entitled to buy one new share of the Fund (“Initial Subscription”). The subscription price per
share (the “Subscription Price”) will be the lesser of:
(i) 105% of the average closing NAV per share over the three days of trading leading up to and including the
expiration of the Offering, or
(ii) 90% of the average closing market price per share over the three days of trading leading up to and
including the expiration of the Offering.
Record Date shareholders who fully exercise their rights under the Offering will be entitled to over-subscribe for any
additional shares not purchased (“Over-Subscription”). The purchase price for all shares will be payable in cash.
Horizon Asset Management LLC (“Horizon”), the investment manager to the Fund, has agreed to pay for all fees and expenses in
connection with the Offering. As such, the full amount of the subscription proceeds will be contributed to the Fund’s assets.
Additionally, Horizon has entered into a backstop agreement with the Fund, whereby Horizon will purchase all remaining unsubscribed
shares, if any, after the Initial Subscription and Over-Subscription periods by shareholders.
The Offering and the rights issued thereunder will expire at 5:00 p.m. (EST) on February 8, 2019, unless extended by the
Fund.
The Fund expects to mail Subscription Certificates evidencing rights and a copy of the prospectus for the Offering to Record
Date shareholders beginning on or about January 4, 2019. Questions regarding the Offering should be directed to the Information
Agent, AST Fund Solutions, at (800) 628-8509 or the Fund at (646) 495-7333.
The RENN Fund, Inc. is a non-diversified, closed-end management company with $8.9 million in total net assets, whose primary
investment objective is to provide shareholders with above-market rates of return through capital appreciation and income by
investing in a wide variety of financial instruments.
Disclosures:
This document is not an offer to sell any securities, which can only be made by a final prospectus. Investors should
consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The prospectus contains
this and additional information about the Fund and the Offering, and investors should read it carefully before investing.
For further information regarding the Offering, or to obtain a prospectus, please contact AST Fund Solutions at (800)
628-8509.
Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete
investment program and you may lose money investing in a Fund. An investment in the Fund may not be appropriate for all
investors. Additional information about the Fund, including performance and portfolio characteristics, is available at
https://horizonkinetics.com/investment-strategies/renn-fund-inc-nyse-rcg/.
Horizon Asset Management LLC is the investment adviser to the Fund. For additional information about Horizon, please
visit us at
www.horizonkinetics.com.
Jay Kesslen
Email: jkesslen@horizonkinetics.com
Phone: (646) 495-7333
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