NEW YORK, NY--(Marketwired - June 26, 2015) - Cornerstone Progressive Return Fund ("CFP") and Cornerstone Strategic Value Fund, Inc. (NYSE MKT: CLM), (each a "Fund" and, collectively, the "Funds"), each a closed-end management investment company, today announced the completion of the merger of CFP with and into CLM (the "Merger"). Pursuant to the terms of the agreement governing the Merger, each eligible share of beneficial interest of CFP has been converted into an equivalent dollar amount of shares of common stock of CLM, based on the net asset value of each Fund as of the close of the NYSE MKT on June 26, 2015. The exchange ratio was 0.765785 shares of CLM for each share of CFP.
Cornerstone Strategic Value Fund, Inc. is traded on the NYSE MKT LLC under the trading symbol "CLM". The Fund's investment adviser is Cornerstone Advisors, Inc., which also serves as the investment adviser to another closed-end fund, Cornerstone Total Return Fund, Inc. (NYSE MKT: CRF). For more information regarding Cornerstone Strategic Value Fund, Inc. or Cornerstone Total Return Fund, Inc. please visit www.cornerstonestrategicvaluefund.com, and www.cornerstonetotalreturnfund.com.
Past performance is no guarantee of future performance. An investment in a Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price that is more or less than the original purchase price or the net asset value. An investor should carefully consider a Fund's investment objective, risks, charges and expenses. Please read a Fund's disclosure documents before investing.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on the Fund's investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in the Fund's disclosure documents, filed with the SEC, and actual trends, developments and regulations, in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.