Gabelli Multimedia Trust Board Approves at the Market Common Stock Offerings With Prices Trading Above NAV
RYE, N.Y., April 09, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the "Fund") has authorized the Fund to conduct offerings of common stock in "at the market" transactions ("ATM offering"),at prices above the net asset value, which would be accretive to the common shares.
The Board of Directors will continue to evaluate the Fund's capital structure, including the ability for shareholders to subscribe for additional common stock. The Fund has previously completed six rights offerings.
In the ATM offering, the Fund may issue and sell, from time to time, shares of its common stock when such shares are trading at a premium to the Fund's net asset value per share. Such sales would be accretive to all shareholders of the Fund as these shares would be issued at prices above the then current net asset value per share. The timing of any sales and the number of shares sold, if any, will depend on a variety of factors to be determined by the Fund. The Fund anticipates that the investment of the proceeds from the ATM offering will be made in accordance with the Fund's investment objective and policies as appropriate investment opportunities are identified.
The ATM offering will be made pursuant to the Fund's currently effective shelf registration statement on file with the Securities and Exchange Commission ("SEC") and only by means of a prospectus supplement and accompanying prospectus. A final prospectus supplement and accompanying prospectus will be filed with the SEC, but has not been filed as of the date hereof.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction
Investors should read the prospectus supplement and accompanying prospectus, when available, and carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund, visit www.gabelli.com or call:
Carter Austin
(914) 921-5475
About The Gabelli Multimedia Trust
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $166 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX:GAMI).
NYSE: GGT
CUSIP – 36239Q109
Investor Relations Contact:
Carter Austin
(914) 921-5475
[email protected]
