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Horizon Technology Finance board OKs reduction of asset coverage requirements

The board of Horizon Technology Finance Corp. approved an amendment to the company's asset coverage requirements for senior securities to 150% from 200%, effective June 7.

The move comes after the amendment of the Investment Company Act of 1940 in March, which reduced the applicable asset coverage requirement applicable to a business development company to 150% from 200%, subject to certain approval and disclosure requirements.

Should shareholders approve the proposal at a special meeting, the company will become subject to the reduced asset coverage requirement a day after approval.