Gladstone Capital Announces 1-for-2 Reverse Stock Split

Gladstone Capital Corporation (Nasdaq: GLAD), based in McLean, VA, declared a 1-for-2 reverse stock split of its common stock, approved by its board of directors. This adjustment will be effective from the start of trading on the Nasdaq Global Select Market on April 5, 2024. Every two shares of existing common stock will merge into one, maintaining the same par value per share. Due to the reverse split, the share count will decrease from approximately 43.5 million to about 21.8 million, while the authorized share cap remains at 44.0 million.

The reverse stock split aims to concentrate shares without altering monthly shareholder distributions, which will adjust according to the new ratio. The common stock will retain its GLAD symbol, undergoing CUSIP number change to 376535878.

Computershare Trust Company, N.A., will manage fractional shares by selling them and distributing net proceeds among shareholders, possibly incurring tax implications. Shareholders with stock in certificate form will receive instructions from Computershare for exchanging their certificates. The reverse split does not affect the company's preferred stock. Gladstone focuses on investing in the debt and equity of lower middle market U.S. businesses.