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CĪON Investment begins cash tender offer

CION Investment Corp. has filed for a cash tender offer to buy up to the lesser of 4,209,610.33 of its common shares and the number of shares it can buy back with the proceeds it has received from the issuance of shares under its distribution reinvestment plan.

The number of shares allotted for repurchasing represents 3.75% of the weighted average number of outstanding shares for the calendar year ended Dec. 31, 2017.

The company has started the offering to provide shareholders with a measure of liquidity because there is no public market for its shares. It plans to fund the share repurchase with cash on hand.

The offering is set to expire June 29 at 5 p.m. ET.