RiverNorth Capital and Income Fund, Inc. Announces Final Results of Non-Transferable Rights Offering

RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) (the “Fund”) today announced the final results of its non-transferable rights offering (the “Offering”) that expired on April 22, 2024 (the “Expiration Date”). In the Offering, the Fund received subscription requests for 949,525 shares of common stock from rights holders. Accordingly, the Fund expects to issue 949,525 new shares of common stock for these subscriptions, on or about April 24, 2024. Gross proceeds from the Offering are expected to total approximately $14.3 million, before expenses.

The Offering’s final subscription price per share was determined to be $15.04. The subscription price was established pursuant to the terms of the Offering and based on a formula equal to 90% of the Fund’s reported net asset value (“NAV”) per share of common stock on the Expiration Date. The NAV per share used in the formula described above was $16.71.

The final subscription price is lower than the original estimated subscription price of $15.28 per share. Accordingly, any excess payments will be returned to subscribing rights holders as soon as practicable, in accordance with the prospectus supplement and accompanying prospectus, filed with the Securities and Exchange Commission on February 28, 2024.

Shares of common stock issued as a result of the rights offering will not be record date shares for the Fund’s monthly distributions paid in April 2024 but will be record date shares for the Fund’s May 2024 distribution.

This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy.

RiverNorth Capital and Income Fund, Inc.

The investment objective of the Fund is to seek a high level of current income. The Fund had approximately $57.2 million of net assets and 3.4 million shares of common stock outstanding as of March 31, 2024.

The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.

Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the shares of common stock, you should consider the risks as well as the other information in the prospectus, annual report and semi-annual report.