RiverNorth Capital and Income Fund, Inc.* Announces Preliminary Results of Rights Offering

RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) (the “Fund”) today announced the preliminary results of its transferable rights offering (the “Offering”) that expired on January 27, 2023 (the “Expiration Date”). In the Offering, the Fund received subscription requests for 1,625,445 shares of common stock from rights holders. Accordingly, the Fund expects to issue 1,047,000 new shares of common stock for these subscriptions, pending the receipt of payment for “delivery-guaranteed” subscriptions, on or about January 31, 2023. Gross proceeds from the Offering are expected to total approximately $16.6 million, before expenses.

The Offering was oversubscribed and the over-subscription requests exceeded the over-subscription shares available. Accordingly, the shares issued as part of the over-subscription privilege of the Offering will be allocated pro-rata among record date stockholders who submitted over-subscription requests based on the number of rights originally issued to them by the Fund.

The foregoing numbers are estimates only. The Fund will announce the final results of the Rights Offering in a press release on or about January 31, 2023.

The Offering’s final subscription price per share was determined to be $15.84. 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 $17.60.

The final subscription price is lower than the original estimated subscription price of $16.18 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 January 3, 2023.

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 January 2023 but will be record date shares for the Fund’s February 2023 distribution.

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

*Formerly known as RiverNorth Specialty Finance Corporation.

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 3.3 million shares of common stock outstanding as of December 31, 2022.