NexPoint Credit Strategies Fund Announces Reverse Stock Split
DALLAS, Sept. 30, 2015 /PRNewswire/ — NexPoint Credit Strategies Fund (the “Fund”) (NYSE: NHF) today announced its Board of Trustees has approved a 1-for-4 reverse stock split of the Fund’s issued and outstanding shares to take effect on October 6, 2015. As a result of the reverse stock split, every 4 outstanding Fund shares will be converted into 1 share, thereby reducing by a factor of 4 the number of shares outstanding. Each stockholder will hold the same percentage of the Fund’s outstanding common stock immediately following the reverse stock split as such stockholder held immediately prior to the reverse stock split, subject to adjustments for fractional shares resulting from the reverse stock split. Stockholders will be paid cash for any fractional shares resulting from the reverse stock split.
The reverse split is intended to provide a per share value that is more consistent with the Fund’s size, potential economics and total market capitalization.
Stockholders will receive a letter with additional information regarding the reverse stock split. Holders of certificates representing pre-split shares of the Fund’s common stock will receive, upon surrender of their certificates representing such pre-split shares, uncertificated post-split shares of the Fund’s common stock (i.e., a stockholder’s holdings of post-split shares will be reflected only in the Fund’s record books).
Although it is not mandatory for holders to exchange their pre-split certificates, stockholders will not be able to trade their shares or to receive any dividends or other distributions until the surrender of the certificates representing such pre-split shares of the Fund’s common stock. The reverse stock split will occur for holders of uncertificated shares without further action by such stockholders, and the changes resulting from the reverse stock split will be automatically reflected in the Fund’s record books.
About NexPoint Credit Strategies Fund
NexPoint Credit Strategies Fund is a closed-end fund managed by NexPoint Advisors, L.P. The Fund is invested primarily in below investment-grade debt and equity securities and has the ability to hedge risk. The manager attempts to exceed the return of Dow Jones Credit Suisse Hedge Fund Index in a transparent, registered fund format with monthly dividends. Effective June 14, 2012, NexPoint Advisors, L.P. became the Fund’s investment adviser and administrator. Prior to June 14, 2012, Highland Capital Management Fund Advisors, L.P. (formerly Pyxis Capital, L.P.) was the Fund’s investment adviser and administrator. The Fund’s shares were listed on the NYSE under the symbol “HCF” but effective September 10th, 2012, they are trading under the symbol “NHF.” An investment in the Fund is not appropriate for all investors. No assurance can be given that the Fund will achieve its investment objectives.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.
Before investing in the Fund, you should carefully consider the Fund’s investment objectives, risks, fees and expenses. For a copy of a prospectus which contains this and other information, please visit our website at www.nexpointadvisors.com or call 1-866-351-4440. Please read the fund prospectus carefully before investing.
Past performance does not guarantee future results.
Shareholder services: email@example.com, (877) 665-1287
SOURCE NexPoint Credit Strategies Fund