The Herzfeld Caribbean Basin Fund, Inc. Extends Expiration Date of Non-Transferable Rights Offering; Reinstates Quarterly Distribution; Revises Self-Tender Policy; Extends Management Fee Waiver; and Reports Results of Annual Stockholder Meeting

MIAMI BEACH, Fla., Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced the following, each of which is discussed in detail below:

• An extension of the expiration date for the non-transferable rights offering;
• The reinstatement of the Fund’s quarterly distributions;
• A revision to the Fund’s Self-Tender Policy;
• An extension of the investment advisor’s management fee waiver; and
• The results of the 2023 Annual Meeting of Stockholders.
  

Extension of Rights Offering Expiration Date

The Fund announced that it has extended the expiration date of its previously announced non-transferable rights offering to purchase shares of common stock of the Fund (the “Rights Offer”) to December 13, 2023. As a result of this extension, set forth below are important dates to remember relating to the Rights Offer:

Important Dates for the Offer
Record Date		November 3, 2023
Subscription Period		November 8, 2023 to December 13, 2023
Expiration Date		December 13, 2023
Pricing Date		December 13, 2023
Subscription Certificate and
Payment for Shares Due*		December 13, 2023
Notice of Guaranteed Delivery Due*		December 15, 2023
Final Payment for Shares (if any) Due**		December 19, 2023
Confirmation Mailed to Participants		December 21, 2023

* Record Date Stockholders exercising Rights must deliver to the Subscription Agent by the Expiration Date either (i) the Subscription Certificate together with the estimated payment or (ii) a Notice of Guaranteed Delivery.

** Additional amounts may be due at settlement for additional shares purchased upon exercising Rights because the Estimated Subscription Price may be less than the actual Subscription Price. See “The Offering – Payment for Shares.”

The Rights Offer will expire at 5:00 p.m., Eastern Time, on December 13, 2023, the Expiration Date.

Reinstatement of Quarterly Distribution

In addition, the Board of Directors (“Board”) of the Fund has reinstated its quarterly distribution under the Fund’s Managed Distribution Policy (“MDP”) by lifting the suspension of the MDP announced in August 2023.