The Herzfeld Caribbean Basin Fund, Inc. Announces Final Tender Offer Results

MIAMI BEACH, Fla., March 25, 2024 (GLOBE NEWSWIRE) -- Thomas J. Herzfeld Advisors, Inc., an SEC-registered investment adviser, and The Herzfeld Caribbean Basin Fund, Inc. (Nasdaq: CUBA) (the “Fund”) today announced the final results of the Fund’s cash tender offer to purchase up to 10% of its outstanding common shares at 97.5% of the Fund’s net asset value (“NAV”) as of the close of ordinary trading on the NASDAQ Capital Market (the “NASDAQ”) on March 19, 2024, the expiration date (the “Tender Offer”).

The table below shows the final results for the Fund:

Tender Offer Amount	Shares Properly Tendered	Shares to be Purchased	Pro-Ration Factor*	Purchase Price of Properly Tendered Shares**	Number of Outstanding Common Shares after Giving Effect to Tender Offer
Up to 10% or 1,681,477 shares	12,349,659	1,681,477	13.615645%	$3.3833	15,133,299

* The number of common shares to be purchased divided by the number of common shares properly tendered. The pro-ration factor is subject to rounding adjustment to avoid the purchase of fractional shares.
** Equal to 97.5% of the Fund’s NAV per share as of the close of ordinary trading on the NASDAQ on March 19, 2024 (the date the Tender Offer expired).

Under the terms and conditions of the Fund’s Tender Offer, if the number of common shares properly tendered exceeds the number of common shares offered to purchase, the Fund will purchase common shares properly tendered on a pro-rata basis (disregarding fractional shares). As indicated above, the Fund will purchase 13.615645% of the common shares properly tendered. The Fund will purchase the common shares accepted for payment as promptly as practicable.

EQ Fund Solutions, LLC is the information agent for the Offer. Shareholders with questions may call EQ Fund Solutions, LLC at [phone].

About Thomas J. Herzfeld Advisors, Inc.

Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds. The Firm also specializes in investment in the Caribbean Basin. The HERZFELD/CUBA division of Thomas J. Herzfeld Advisors, Inc. serves as the investment advisor to The Herzfeld Caribbean Basin Fund, Inc. a publicly traded closed-end fund (NASDAQ: CUBA).