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Case Status:    ONGOING    
On or around 09/24/2020 (Date of last review)

Filing Date: September 24, 2020

According to the Complaint, Garrison Capital Inc. is an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company is managed by its investment adviser, Garrison Capital Advisers LLC, an affiliate of Garrison Investment Group, and a registered investment adviser under the Investment Advisers Act of 1940, which provides the resources and expertise of the investment professionals at Garrison Investment Group.

On June 24, 2020, Garrison Capital Inc.’s Board of Directors caused Garrison to enter into an agreement and plan of merger with Portman Ridge Finance Corporation (“Parent”), Citadel Acquisition Sub Inc. (“Acquisition Sub,” and together with Parent, “Portman” or “PTMN”), and Sierra Crest Investment Management LLC. Pursuant to the terms of the Merger Agreement, among other things: (i) Acquisition Sub will merge with and into Garrison, with Garrison surviving as a wholly-owned subsidiary of Parent; (ii) Garrison will merge with and into Parent, with Parent surviving; and (iii) Garrison’s stockholders will receive shares of Parent common stock for each share of Garrison they own.

On September 1, 2020, Defendants filed a proxy statement/prospectus with the United States Securities and Exchange Commission, which recommends that Garrison’s stockholders vote to approve the Proposed Transaction at a special meeting of stockholders scheduled for October 19, 2020. The Complaint alleges that the Prospectus omits material information with respect to the Proposed Transaction, which renders the Prospectus false and misleading.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GARS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Delaware
DOCKET #: 20-CV-01290
JUDGE: Hon. Maryellen Noreika
DATE FILED: 09/24/2020
CLASS PERIOD START: 07/24/2020
CLASS PERIOD END: 09/24/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rigrodsky & Long, P.A. (Wilmington)
  2. RM Law, P.C. (Berwyn)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available