Garrison Capital Inc. (NASDAQ:GARS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On December 7, 2016, Bruce Shewmaker, an independent director on the board of directors of Garrison Capital Inc. (the “Company” or “Garrison”), passed away.
“The Garrison team and its directors are greatly saddened by Bruce’s passing. He had been with us from when Garrison was just an idea and he was a tremendous resource and mentor to me and the team during his tenure,” stated Brian Chase, Chief Financial Officer, Treasurer and director of the Company. “Bruce was one of the architects of the modern business development company and many in the industry have unknowingly benefitted from his decades of work. We owe him a debt of gratitude for his hard work which continued up until the very end. He will be greatly missed and always remembered. We offer our heartfelt condolences to the Shewmaker family during this time of mourning.”
On December 9, 2016, the Company notified the Nasdaq Global Select Market (“Nasdaq”) that, as a result of Mr. Shewmaker’s passing, the Company is currently out of compliance with Rule 5605(b)(1), which requires each Nasdaq listed company to have a majority of independent directors. On December 12, 2016, the Company received a notification letter from Nasdaq regarding the cure period to comply with Rule 5605(b)(1). The Company is in the process of considering the various options to regain compliance with Rule 5605(b)(1) prior to the expiration of the cure period granted by Nasdaq, which will expire upon the earlier to occur of (i) the date of the Company’s next annual stockholders’ meeting or (ii) December 7, 2017. However, if the Company’s next annual stockholders’ meeting is held before June 5, 2017, the cure period will not expire until June 5, 2017.
Forward-Looking Statements
This Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this Current Report on Form 8-K may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this Current Report on Form 8-K.
About Garrison Capital Inc. (NASDAQ:GARS)
Garrison Capital Inc. is a managed, closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation by making investments primarily in debt securities and loans of the United States-based middle-market companies, which it defines as those having annual earnings before interest, taxes and depreciation, or EBITDA, of certain amount. It invests or provides direct lending in first lien senior secured loans, second lien senior secured loans, one-stop senior secured loans or unitranche loans, subordinated or mezzanine loans, unsecured consumer loans and to a lesser extent, selected equity co-investments in middle-market companies. The Company intends to generate risk-adjusted net returns by assembling a portfolio of investments. The Company’s investment advisor is Garrison Capital Advisers LLC. Garrison Capital Inc. (NASDAQ:GARS) Recent Trading Information
Garrison Capital Inc. (NASDAQ:GARS) closed its last trading session down -0.06 at 9.20 with 81,754 shares trading hands.