Cornerstone Total Return Fund, Inc. Announces Completion Of Rights Offering

NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) -- Cornerstone Total Return Fund, Inc. (the “Fund”) (NYSEAmerican:CRF) (CUSIP:21924U300) is pleased to announce the completion of its one-for-three rights offering which expired on Friday, June 10, 2022 (the “Offering”). The Offering was over-subscribed. Under the terms of the Offering, record date stockholders were entitled to purchase one newly issued share of common stock of the Fund for every three rights held. The subscription price for each newly issued share was determined to be $7.95 which, under the terms of the prospectus, was equal to the greater of (i) 112% of net asset value per share as calculated at the close of trading on the date of expiration of the Offering and (ii) 65% of the market price per share at such time.