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NexPoint Strategic Opportunities Fund Shareholders Approve REIT Conversion Proposal

DALLAS, Aug. 28, 2020 /PRNewswire/ — NexPoint Strategic Opportunities Fund (NYSE:NHF) (“NHF” or the “Fund”), a closed-end fund managed by NexPoint Advisors, L.P. (the “Adviser” and together with its affiliates “NexPoint”), announced the results of the special meeting of shareholders (the…

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DALLAS, Aug. 28, 2020 /PRNewswire/ — NexPoint Strategic Opportunities Fund (NYSE:NHF) (“NHF” or the “Fund”), a closed-end fund managed by NexPoint Advisors, L.P. (the “Adviser” and together with its affiliates “NexPoint”), announced the results of the special meeting of shareholders (the “Special Meeting”), which took place earlier today.

At the Special Meeting, shareholders approved the proposal to covert the Fund from a registered investment company to a diversified real estate investment trust (“REIT”) and to amend certain fundamental investment restrictions (the “Business Change Proposal”).

The Adviser announced the Business Change Proposal on June 19, 2020 in conjunction with a preliminary proxy filing. It filed a definitive proxy statement on July 10, 2020.

The Fund’s Board of Trustees (the “Board”), which includes members who are not interested persons of the Fund (the “Independent Trustees”), believes the Business Change Proposal provides the best path to increase shareholder value over time.

Shareholders likewise supported this path in voting to approve the Business Change Proposal.

“We are pleased that shareholders recognized the opportunities in both the REIT structure and the real estate investment landscape,” said James Dondero, president of NexPoint Advisors and the Fund’s portfolio manager. “We are grateful for the support of the proposal and look forward to delivering value through this transition.”

At the Special Meeting, shareholders also approved the amendment and restatement of the Fund’s Agreement and Declaration of Trust (the “Amendment Proposal” and, together with the Business Change Proposal, the “Proposals”). The approval of the Business Change Proposal was a precondition for the Amendment Proposal.

Per the Proposals, the Fund will begin to transition its business and investments to those of a diversified REIT. Additional information on the transition can be found in the definitive proxy statement.

With the conversion, NHF will be the fourth publicly traded REIT on the NexPoint platform. NexPoint is the external manager for: NexPoint Residential Trust, Inc. (NYSE: NXRT), a value-add multifamily REIT; NexPoint Real Estate Finance, Inc. (NYSE: NREF), a mortgage REIT; and NexPoint Hospitality Trust (TSX-V: NHT.U), a hospitality REIT focused on select service and extended stay properties.

About the NexPoint Strategic Opportunities Fund (NHF)

The NexPoint Strategic Opportunities Fund (NYSE:NHF) is a closed-end fund managed by NexPoint Advisors, L.P. The fund invests primarily in below investment grade debt, equity securities, and real estate, and has the ability to hedge risk.

For more information visit www.nexpointgroup.com/nexpoint-strategic-opportunities-fund/

About NexPoint Advisors, L.P.

NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, an interval fund, a business development company, and various real estate vehicles. NexPoint Advisors is the external manager for three publicly traded REITs: NexPoint Residential Trust, Inc. (NYSE: NXRT), NexPoint Real Estate Finance, Inc. (NYSE: NREF), and NexPoint Hospitality Trust (TSX-V: NHT.U).

For more information visit www.nexpointgroup.com

While NexPoint is committed to the REIT conversion, it is still contingent upon regulatory approval and the ability to reconfigure NHF’s portfolio to attain REIT status and deregister as an investment company. The time required to reconfigure the Fund’s portfolio could be impacted by, among other things, the COVID-19 pandemic and related market volatility, determinations to preserve capital, the Fund’s ability to identify and execute on desirable investments, and applicable regulatory, lender and governance requirements.  The conversion process could take up to 24 months; and there can be no assurance that conversion of NHF to REIT status will improve its performance or reduce the discount to NAV. Further, the SEC may determine not to grant the Fund’s request for a deregistration order, which would materially change the Fund’s plans for its business and investments.

In addition, these actions may adversely affect the Fund’s financial condition, yield on investment, results of operations, cash flow, per share trading price of our common shares and ability to satisfy debt service obligations, if any, and to make cash distributions to shareholders. Whether the Fund remains a registered investment company or converts to a REIT, its common shares, like an investment in any other public company, are subject to investment risk, including the possible loss of investment. For a discussion of certain other risks relating to the proposed conversion to a REIT, see “Implementation of the Business Change Proposal and Related Risks” in the proxy statement.

Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results. 

No assurance can be given that the Fund will achieve its investment objectives.

Closed-End Fund Risk. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. No assurance can be given that a shareholder will be able to sell his or her shares on the NYSE when he or she chooses to do so, and no assurance can be given as to the price at which any such sale may be effected.

Credit Risk. Investments rated below investment grade are commonly referred to as high-yield, high risk or “junk debt.” They are regarded as predominantly speculative with respect to the issuing company’s continuing ability to meet principal and/or interest payments. Non-payment of scheduled interest and/or principal would result in a reduction of income to the Fund, a reduction in the value of the asset experiencing non-payment and a potential decrease in NAV of the Fund.

Interest Rate Risk. Interest rate risk is the risk that debt securities, and the Fund’s net assets, may decline in value because of changes in interest rates. Generally, fixed rate debt securities will decrease in value when interest rates rise and increase in value when interest rates decline.

Leverage Risk. The Fund uses leverage through borrowings from notes and a credit facility, and may also use leverage through the issuances of preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund employs leverage in its investment operations, the Fund will be subject to substantial risks of loss.

Industry Concentration Risk. The Fund must invest at least 25% of the value of its total assets at the time of purchase in securities of issuers conducting their principal business activities in the real estate industry. The Fund may be subject to greater market fluctuations than a fund that does not concentrate its investments in a particular industry. Financial, economic, business, and other developments affecting issuers in the real estate industry will have a greater effect on the Fund, and if securities of the real estate industry fall out of favor, the Fund could underperform, or its NAV may be more volatile than, funds that have greater industry diversification.

Real Estate Risk. Real estate investments are subject to various risk factors. Generally, real estate investments could be adversely affected by a recession or general economic downturn where the properties are located. The full extent of the impact and effects of the recent outbreak of COVID-19 on the future financial performance of the Fund, and specifically, on its investments and tenants to properties held by its REIT subsidiaries, are uncertain at this time. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown.

Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser’s assessment of their value or the amount originally paid for such investments by the Fund.

Media Contact

Lucy Bannon
[email protected] 
1-972-419-6272

SOURCE NexPoint Advisors, L.P.

Related Links

http://www.nexpointgroup.com

Source: https://www.prnewswire.com:443/news-releases/nexpoint-strategic-opportunities-fund-shareholders-approve-reit-conversion-proposal-301120373.html

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SHAREHOLDER ALERT: WeissLaw LLP Investigates INSU Acquisition Corp. II

NEW YORK, Nov. 25, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of INSU Acquisition Corp. II (“INAQ” or the “Company”) (NASDAQ: INAQ) in connection with the Company’s proposed merger with…

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NEW YORK, Nov. 25, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of INSU Acquisition Corp. II (“INAQ” or the “Company”) (NASDAQ: INAQ) in connection with the Company’s proposed merger with Metromile, Inc. (“Metromile”), a privately-held digital insurance platform and pay-per-mile auto insurer.  Under the terms of the merger agreement, INAQ will acquire Metromile through a reverse merger that will result in Metromile becoming a public company traded on the Nasdaq Capital Market under the ticker symbol “MLE.”  The proposed transaction implies an estimated pro forma enterprise value of $956 million.

If you own INAQ shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

https://www.weisslawllp.com/INAQ/ 

Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
[email protected]

WeissLaw is investigating whether INAQ’s board acted in the best interest of INAQ’s public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Metromile, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to INAQ public shareholders. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]

SOURCE WeissLaw LLP

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http://weisslawllp.com

Source: https://www.prnewswire.com:443/news-releases/shareholder-alert-weisslaw-llp-investigates-insu-acquisition-corp-ii-301180831.html

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Lightspeed Announces Closing of Acquisition of ShopKeep

Landmark deal cements Lightspeed as a category leader for complex SMBs in the United States as economy undergoes unprecedented digital acceleration MONTREAL, Nov. 25, 2020 /PRNewswire/ – Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce…

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Landmark deal cements Lightspeed as a category leader for complex SMBs in the United States as economy undergoes unprecedented digital acceleration

MONTREAL, Nov. 25, 2020 /PRNewswire/ – Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced the closing of the previously-reported acquisition of ShopKeep Inc. (ShopKeep), a leading cloud commerce platform provider based in New York City. Lightspeed finalized the acquisition for consideration of $145.2 million in cash and the issuance of 7,437,397 subordinate voting shares in the capital of Lightspeed, subject to customary post-closing adjustments. Lightspeed has also assumed ShopKeep’s stock option plan, with the outstanding stock options thereunder converting into options to purchase 1,254,534 subordinate voting shares in the capital of Lightspeed.

With the closing of this acquisition, Lightspeed now serves over 100,000 customer locations worldwide, generating approximately $33 billion in gross transaction volume1 annually, in each case as of September 30, 2020. 

RBC Capital Markets acted as advisor to Lightspeed on the transaction.

About Lightspeed

Lightspeed (NYSE and TSX: LSPD) powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in over 100 countries. With smart, scalable and dependable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation within the retail, hospitality and golf industries. Its product suite enables SMBs to sell across channels, manage operations, engage with consumers, accept payments and ultimately grow their business.

Headquartered in Montreal, Canada, Lightspeed is trusted by favorite local businesses worldwide, where communities go to shop and dine. Lightspeed has staff located in Canada, USA, Europe, and Australia.

Forward-Looking Statements

This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of the Company’s management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations, under “Risk Factors” in our most recent Annual Information Form, and in our other filings with the Canadian Securities regulatory authorities and the U.S. Securities and Exchange Committee, all of which are available under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed’s subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that the Company considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

_____________________________________________________________________

1Gross transaction volume means the total dollar value of transactions processed through Lightspeed’s and ShopKeep’s cloud-based SaaS platform in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes. It does not represent revenue earned by Lightspeed and ShopKeep. 

SOURCE Lightspeed POS Inc.

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Source: https://www.prnewswire.com:443/news-releases/lightspeed-announces-closing-of-acquisition-of-shopkeep-301180851.html

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SHAREHOLDER ALERT: WeissLaw LLP Investigates BMC Stock Holdings, Inc.

NEW YORK, Nov. 25, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of BMC Stock Holdings, Inc. (“BMCH” or the “Company”) (NYSE: BMCH) in connection with the proposed acquisition of the Company by…

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NEW YORK, Nov. 25, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of BMC Stock Holdings, Inc. (“BMCH” or the “Company”) (NYSE: BMCH) in connection with the proposed acquisition of the Company by Builders FirstSource, Inc. (“BLDR”) (NASDAQ: BLDR).  Under the terms of the merger agreement, BMCH stockholders will receive 1.3125 BLDR shares for each share of BMCH common stock they own, representing implied per-share merger consideration of $48.68 based upon BLDR’s November 24, 2020 closing price of $37.09.  At closing, BMCH’s current stockholders will only own a 43% stake in the combined company.

If you own BMCH shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

http://www.weisslawllp.com/bmc-stock-holdings-inc/

Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
[email protected]

WeissLaw is investigating whether BMCH’s management and the board may have artificially revised BMCH’s financial projections downward in order to make the proposed transaction appear more favorable to BMCH stockholders than it truly is.  Despite having a pre-existing set of long-term projections developed by management and relied upon by the board during the sales process, BMCH created a new, significantly revised set of financial projections in apparent response to BLDR’s June 2020 revised all-stock acquisition proposal (“July Projections”).  This occurred little more than a month before the BMCH board agreed to the proposed merger, and seems wholly inconsistent with the Company’s recent unprecedented financial performance.  To make matters worse, the earlier set of projections, the assumptions underlying those projections, and the basis for the significant revision of the July Projections is either wholly omitted or inadequately disclosed to BMCH shareholders.  Without disclosure of the Company’s earlier long-term projections or qualitative discussion describing how the long-term projections were changed in July, BMCH stockholders have no way to assess whether the revision was proper in light of the Company’s record-setting second quarter financial results.

Given these facts, WeissLaw is concerned whether the board acted in the best interest of BMCH’s public stockholders in agreeing to the proposed transaction and whether the exchange ratio is fair to the Company’s public stockholders, and whether all information concerning the process leading to the proposed transaction and valuation of the Company on a standalone basis has been fully and fairly disclosed. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]

SOURCE WeissLaw LLP

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http://weisslawllp.com

Source: https://www.prnewswire.com:443/news-releases/shareholder-alert-weisslaw-llp-investigates-bmc-stock-holdings-inc-301180830.html

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