Hercules Extends $50 Million Share Repurchase Program
February 25 2016 - 5:00AM
Business Wire
- Hercules Purchased Approximately
1.2% of Total Outstanding Shares, Equal to $9.4 Million, or 886,594
Shares of its Common Stock During Previous Program Period
- The $50 Million Repurchase Program
Effective until August 23, 2016
Hercules Capital, Inc. (NYSE:HTGC) (“Hercules”), the leading
specialty financing provider to innovative venture growth, pre-IPO
and M&A stage companies backed by leading venture capital
firms, today announced that its Board of Directors has approved a
$50 million open market share repurchase program. This program
replaces a $50 million repurchase program which expired February
23, 2016.
Under the program authorized by its Board of Directors, Hercules
may repurchase shares of its common stock in the open market,
including block purchases, at prices that may be above or below the
net asset value as reported in its then most recently published
financial statements. Hercules anticipates that the manner, timing,
and amount of any share purchases will be determined by Hercules
management based upon the evaluation of market conditions, stock
price, and additional factors in accordance with regulatory
requirements.
Hercules expects that the share repurchase program will be in
effect until August 23, 2016, or until the approved dollar amount
has been used to repurchase shares. Pursuant to the Investment
Company Act of 1940, as amended, Hercules is required to notify
shareholders when such a program is initiated or implemented. The
repurchase program does not require Hercules to acquire any
specific number of shares and may be extended, modified, or
discontinued at any time.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) is the leading
and largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broadly diversified variety of
technology, life sciences and sustainable and renewable technology
industries. Since inception (December 2003), Hercules has committed
more than $5.7 billion to over 335 companies and is the lender of
choice for entrepreneurs and venture capital firms seeking growth
capital financing. Companies interested in learning more about
financing opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of
7.00% Notes due April 2019, 7.00% Notes due September 2019, and
6.25% Notes due July 2024, which trade on the NYSE under the
symbols “HTGZ,” “HTGY,” and “HTGX,” respectively.
Forward-Looking Statements:
The information disclosed in this release is made as of the date
hereof and reflects Hercules most current assessment of its
historical financial performance. Actual financial results filed
with the Securities and Exchange Commission may differ from those
contained herein due to timing delays between the date of this
release and confirmation of final audit results. These
forward-looking statements are not guarantees of future performance
and are subject to uncertainties and other factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements including, without limitation, the
risks, uncertainties, including the uncertainties surrounding the
current market volatility, and other factors we identify from time
to time in our filings with the Securities and Exchange Commission.
Although we believe that the assumptions on which these
forward-looking statements are based are reasonable, any of those
assumptions could prove to be inaccurate and, as a result, the
forward-looking statements based on those assumptions also could be
incorrect. You should not place undue reliance on these
forward-looking statements. The forward-looking statements
contained in this release are made as of the date hereof, and
Hercules assumes no obligation to update the forward-looking
statements for subsequent events.
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version on businesswire.com: http://www.businesswire.com/news/home/20160225005502/en/
Hercules Capital, Inc.Michael Hara, 650-433-5578 HT-HNInvestor
Relations and Corporate Communicationsmhara@htgc.com
Hercules Capital (NYSE:HTGC)
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