Headlines of Interest

Below are some press releases from company’s that have preferred stock or baby bonds outstanding.

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Prospect Capital Announces June 2022 Results: $0.21 per Common Share Basic Net Investment Income and Stable Monthly $0.06 per Common Share Distributions

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Sachem Capital Corp. Announces Sale of an Additional $5.25 Million of 8.00% Notes Due 2027

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AMMO, Inc. Comments on Letter from The Urvan Group

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Saratoga Investment Corp. Increases Quarterly Dividend by $0.01 to $0.54 per Share for the Fiscal Second Quarter Ended August 31, 2022

9 thoughts on “Headlines of Interest”

  1. RE: PSEC – https://www.sec.gov/edgar/browse/?CIK=1287032&owner=exclude
    Prospect Capital Corporation (the “Company”) is unable to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (the “2022 Form 10-K”) within the prescribed time period without unreasonable effort or expense primarily because the Company requires additional time to complete its assessment of the effectiveness of its internal control over financial reporting and the Company’s independent registered accounting firm requires additional time to complete its audit of the Company’s internal control over financial reporting.
    Management is in the process of performing an assessment of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2022, based upon criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Although the assessment is not yet complete, we expect to report a material weakness in our internal control over financial reporting relating to the operation of management review controls over the valuation of collateralized loan obligations (“CLOs”), including management’s review procedures over the completeness and accuracy of the underlying data used in performing those review procedures. Additionally, we expect to report a material weakness relating to our control environment and monitoring activities; specifically, with respect to evaluating internal control deficiencies in a timely manner.
    As a result of the foregoing, the Company needs additional time to finalize its financial statements and related disclosures to be filed as part of the 2022 Form 10-K. The Company expects to file its 2022 Form 10-K within the extension period of 15 calendar days as provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended.
    The Company anticipates that the material weaknesses described above will not require a fourth quarter 2022 adjustment or materially impact its consolidated financial statements for any prior annual or interim periods.

    1. PSEC’s postponements don’t really help much with their already suspect credibility.

      1. Tim – Is the ability to edit a post for 5 minutes once posted no longer working?

        1. I had trouble with that yesterday too. I deleted a post and the deletion was confirmed, but it popped up later, along with a post that that was in the process of being edited.
          Also I am going to guess that the “material weaknesses” identified by PSEC did not result in an undervaluation of the CLOs.

          1. nhcoast–what I just sent to 2wr.

            2wr–just checked it and it is working as it is supposed to. I did take a couple posts out of the trash yesterday that probably were ‘true trash’–I thought they were there by accident. Will have to scrutinize closer in the future.

        2. 2wr–I am not aware it changed but I will check–maybe it is the second ‘add on’ that I have to pay for and with Chad gone maybe it was missed. Will check.

        3. 2wr–just checked it and it is working as it is supposed to. I did take a couple posts out of the trash yesterday that probably were ‘true trash’–I thought they were there by accident. Will have to scrutinize closer in the future.

    2. “…the Company’s independent registered accounting firm requires additional time to complete its audit of the Company’s internal control over financial reporting.”

      Sounds reasonable- can’t file on time due to problems with ‘control’ of financial reporting.
      Circular thinking.
      Ha!

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