Bulldog Investors Calls on CION to Expand Share Repurchase Program
Bulldog Investors, LLP, a shareholder owning more than 3% of the outstanding shares of CION Investment Corporation with 1,716,599 shares, announced that it is calling on management to materially expand its share repurchase program. "As of July 2, 2026, CION's stock price stood at $6.39, more than 50% below its last reported net asset value of $13.11. It follows that if CION's portfolio were liquidated in an orderly fashion and the cash received was distributed to shareholders, they would stand to receive more than double what they would receive today by selling their shares in the market. Bulldog acknowledges that CION has repurchased a significant number of its shares in the past. However, given its current extremely large trading discount, Bulldog believes that CION should not issue any additional loans until the discount narrows significantly. Instead, Bulldog is calling on CION to deploy all its investible cash to repurchase its shares (which will be highly accretive to NAV) and to reduce debt (so as to keep the leverage ratio from increasing)." If management declines to cease making loans and materially expand CION's share repurchase program, Bulldog said it may nominate directors that support a transaction to maximize shareholder value including possibly winding up the company.
