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Mill City Ventures III wants to cease operating as BDC

Mill City Ventures III Ltd.'s board approved the withdrawal of the company's election to be treated and regulated as a business development company and to fall outside the definition of an investment company.

The board concluded that the company lacks the proper resources, staffing and expertise to effectively ensure compliance with the various requirements under the Investment Company Act of 1940.

The planned withdrawal requires shareholder approval, and the board recommends that shareholders approve the proposal.