– USA, MA – Great Elm Capital Group, Inc. (NASDAQ: GEC) today announced that Jason Reese, Chairman and CEO of Imperial, and Eric Scheyer, partner at Magnetar Capital, will join the Board of Directors.
This announcement follows the issuing, on February 26, 2020, of $30 million in aggregate principal of 5.00% convertible senior PIK notes, due 2030. Investors in the Notes include the Company’s largest existing shareholders, funds managed by Imperial Capital Asset Management, LLC and Northern Right Capital Management LP, as well as specific members of a large alternative asset manager investing in their individual capacities.
The Company also
Mr. Reese will join the Board as Executive Co-Chairman alongside Co-Chairman Jeffrey Serota.
“I am excited to work closer with the GEC team to help implement the Company’s ambitious growth plan and to create value for all shareholders,” said Mr. Reese.
“We are pleased to have completed the Notes offering, which we expect will allow the Company to pursue additional acquisition opportunities,” commented Peter A. Reed, CEO. “We appreciate the support and commitment of our largest shareholders. We are thrilled to further our business affiliation with Imperial and its affiliated businesses, which include Imperial Capital, LLC, a registered full-service broker-dealer that provides extensive investment banking services to institutional investors. We believe Imperial Capital, LLC’s experience, access to deal flow and expertise in capital raising will help us accelerate the growth of our business. Furthermore, we welcome our new investors who have extensive relationships and considerable experience in creating long-term value.”
In connection with the new appointments to the Board, one of the existing directors, H. Steven Wilson, has submitted his resignation, effective February 25, 2020.
“We are extremely grateful for Steve’s service on the Board. We have all benefited from his experience and insight and wish him the best of luck in his future endeavors,” said Mr. Reed,
About Great Elm Capital Group, Inc.
Great Elm is a publicly-traded holding company that seeks to build a business across three operating verticals: Operating Companies, Investment Management and Real Estate.
For more information: https://www.greatelmcap.com
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