hrzn20231030_8k.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 31, 2023
 
HORIZON TECHNOLOGY FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
         
Delaware
 
814-00802
 
27-2114934
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
312 Farmington Avenue
Farmington, CT 06032
 
(Address of principal executive offices and zip code)
 
Registrant’s telephone number, including area code: (860) 676-8654
 
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Ticker symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.001 per share
 
HRZN
 
The Nasdaq Stock Market LLC
4.875% Notes due 2026
 
HTFB
 
The New York Stock Exchange
6.25% Notes due 2027
 
HTFC
 
The New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 

 
 
Section 8
 
Other Events
Item 8.01
 
Other Events
 
On October 31, 2023, Horizon Technology Finance Corporation (the “Company”) announced that its Board of Directors has declared monthly distributions totaling $0.33 per share, and a special distribution of $0.05 per share, payable in such amounts and on such dates to stockholders of record, as set forth below.
 
Monthly Distributions
 
Ex-Dividend Date
Record Date
Payment Date
 
Amount Per Share
 
December 18, 2023
December 19, 2023 January 16, 2024   $ 0.11  
January 17, 2024 January 18, 2024 February 14, 2024   $ 0.11  
February 15, 2024 February 16, 2024 March 15, 2024   $ 0.11  
   
Total:
  $ 0.33  
 
Special Distribution
 
Ex-Dividend Date
Record Date
Payment Date
 
Amount Per Share
 
November 16, 2023 November 17, 2023 December 15, 2023   $ 0.05  
   
Total:
  $ 0.05  
 
A copy of the press release announcing such dividend is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
 
Section 9
 
Financial Statements and Exhibits
Item 9.01
 
Financial Statements and Exhibits
 
(d) Exhibits.
     
99.1
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
2
 

 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
Date: October 31, 2023
HORIZON TECHNOLOGY FINANCE
CORPORATION
     
 
By:
/s/ Robert D. Pomeroy, Jr.
   
Robert D. Pomeroy, Jr.
   
Chief Executive Officer
 
3
 

 
 
Exhibit Index
 
Exhibit No.
 
Description
     
99.1
 
Press Release of the Company dated October 31, 2023.
 
4
 
ex_588538.htm
https://cdn.kscope.io/17c9b585b178465d4d06d829894bf05b-plogo01.jpg

 

Horizon Technology Finance Announces Monthly Distributions for January, February and March 2024 Totaling $0.33 per Share and Special Distribution for December 2023 of $0.05 per Share

 

Farmington, Connecticut October 31, 2023 Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”) (the “Company”), an affiliate of Monroe Capital, and a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today that its board of directors has declared monthly cash distributions of $0.11 per share, payable in each of January, February and March 2024, and a special distribution of $0.05 per share, payable in December 2023. The following table shows these distributions, payable as set forth in the table below, total $0.38 per share. Since its 2010 initial public offering, Horizon has paid a total of $237 million in distributions to its shareholders.

 

Monthly Distributions Declared in Fourth Quarter 2023

 

Ex-Dividend Date

Record Date

Payment Date

Amount per Share

December 18, 2023

December 19, 2023

January 16, 2024

$0.11

January 17, 2024

January 18, 2024

February 14, 2024

$0.11

February 15, 2024

February 16, 2024

March 15, 2024

$0.11

   

Total:

$0.33

 

Special Distribution

 

Ex-Dividend Date

Record Date

Payment Date

Amount per Share

November 16, 2023

November 17, 2023

December 15, 2023

$0.05

 

When declaring distributions, the Horizon board of directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.

 

Horizon maintains a “Dividend Reinvestment Plan” (“DRIP”) that provides for the reinvestment of distributions on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if Horizon declares a distribution, its stockholders who have not “opted out” of the DRIP by the distribution record date will have their distribution automatically reinvested into additional shares of Horizon’s common stock. Horizon has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly-issued shares will be valued based upon the final closing price of Horizon’s common stock on a specified valuation date for each distribution as determined by Horizon’s board of directors. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs, which are borne by Horizon.

 

About Horizon Technology Finance

 

Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a $17 billion asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.

 

Forward-Looking Statements

 

Statements included herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizons filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

 

Contacts:

 

Investor Relations:

ICR

Garrett Edson

ir@horizontechfinance.com

(860) 284-6450

 

Media Relations:

ICR

Chris Gillick

HorizonPR@icrinc.com

(646) 677-1819