SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: August 15, 2022
(Date of earliest event reported)
Gladstone Investment Corporation
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
1521 Westbranch Drive, Suite 100
McLean, Virginia 22102
(Address of Principal Executive Offices) (Zip Code)
(Registrants telephone number, including area code)
(Former Name or Former Address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Name of Each Exchange
|Common Stock, $0.001 par value per share||GAIN||The Nasdaq Stock Market LLC|
|5.00% Notes due 2026||GAINN||The Nasdaq Stock Market LLC|
|4.875% Notes due 2028||GAINZ||The Nasdaq Stock Market LLC|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement
On August 15, 2022, Gladstone Investment Corporation (the Company) entered into separate sales agreements, each dated August 15, 2022 (collectively, the Sales Agreements), with Gladstone Management Corporation, Gladstone Administration, LLC, and Oppenheimer & Co. Inc. and Virtu Americas LLC (each, a Sales Agent and, collectively, the Sales Agents), providing for the issuance of up to an aggregate of $50 million of its common stock, par value $0.001 per share (the Shares). The Shares will be offered pursuant to the Companys registration statement on Form N-2 (File No. 333-259302) declared effective by the Securities and Exchange Commission on October 15, 2021 and the base prospectus dated October 15, 2021 and prospectus supplement dated August 15, 2022. Subject to the terms of the Sales Agreements, the Sales Agents are not required to sell any specific number or dollar amount of securities but will act as the Companys sales agents using commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Sales Agents and the Company.
The Sales Agents will be entitled to compensation under the terms of the Sales Agreements at a commission of up to 2.0% of the gross sales price per Share sold pursuant to the Sales Agreements. In connection with the sale of Shares on the Companys behalf, the Sales Agents will be deemed to be underwriters within the meaning of the Securities Act of 1933, as amended (the Securities Act), and the compensation of the Sales Agents will be deemed to be underwriting commissions or discounts. The Company has also agreed to provide indemnification and contribution to the Sales Agents against certain civil liabilities, including liabilities under the Securities Act, and to reimburse the Sales Agents for certain reasonable legal fees and expenses of counsel.
The foregoing description of the Sales Agreements is not complete and is qualified in its entirety by reference to the full text of the Sales Agreements, which are filed as Exhibits 1.1 and 1.2 to this Current Report on Form 8-K and are incorporated herein by reference.
This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
On August 15, 2022, Kirkland & Ellis LLP delivered its legality opinion with respect to the Shares to be sold pursuant to the prospectus supplement and accompanying prospectus, which is attached hereto as Exhibit 5.1.
Item 9.01. Financial Statements and Exhibits.
|1.1||Sales Agreement, dated as of August 15, 2022, by and among the Company, Gladstone Management Corporation, Gladstone Administration, LLC and Oppenheimer & Co. Inc.|
|1.2||Sales Agreement, dated as of August 15, 2022, by and among the Company, Gladstone Management Corporation, Gladstone Administration, LLC and Virtu Americas LLC.|
|5.1||Opinion of Kirkland & Ellis LLP, dated August 15, 2022.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: August 15, 2022||Gladstone Investment Corporation|
|By:||/s/ Rachael Easton|
|Chief Financial Officer & Treasurer|