Prospect Capital Corporation (NASDAQ:PSEC) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders.
Prospect Capital Corporation (NASDAQ:PSEC) Files An 8-K Submission of Matters to a Vote of Security Holders
At 10:00 a.m. (Eastern Time) on May 5, 2020, Prospect Capital Corporation (the “Company”) held a Special Meeting of Stockholders on the Internet by virtual means (the “Special Meeting”). At the Special Meeting, the Company’s common stockholders voted on two proposals, which were approved. The proposals are described in detail in the Company’s definitive proxy statement for the Special Meeting as filed with the Securities and Exchange Commission (the “SEC”) on April 13, 2020. As of April 6, 2020, the record date, 367,817,926 shares of common stock were eligible to vote, which included 94,801,851 shares owned by affiliates. The final voting results from the Special Meeting were as follows:
Proposal 1. By the vote shown below, the stockholders ratified the selection of BDO USA, LLP as the Company’s independent registered public accounting firm for the fiscal year ending June 30, 2020. Approval of Proposal 1 required a majority of the votes by all stockholders present, in person or by proxy, at the Special Meeting.
Proposal 2. By the vote shown below, effective as of May 6, 2020, the stockholders approved the application of the reduced asset coverage requirements in Section 61(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), to the Company, which permits the Company to double the maximum amount of leverage that it is permitted to incur by reducing the asset coverage requirement applicable to the Company from 200% to 150%, as provided for in Section 61(a)(2) of the 1940 Act, a successor provision to Section 61(a)(1) of the 1940 Act. Approval of Proposal 2 required a majority of the votes cast by all stockholders present, in person or by proxy, at the Special Meeting.
About Prospect Capital Corporation (NASDAQ:PSEC)
Prospect Capital Corporation is a financial services company. The Company primarily lends to and invests in middle market privately held companies. The Company is a closed-end investment company. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. The Company invests primarily in senior and subordinated debt and equity of private companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes. The Company makes investments, including lending in private equity sponsored transactions, lending directly to companies not owned by private equity firms, control investments in corporate operating companies, control investments in financial companies, investments in structured credit, real estate investments, investments in syndicated debt, aircraft leasing and online lending. The Company is managed by its investment advisor, Prospect Capital Management L.P.