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EX-99.1 - CION Investment Corpex99-1.htm


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
____________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): March 28, 2017 (March 23, 2017)
 
CĪON Investment Corporation
 (Exact Name of Registrant as Specified in Charter)
 
Maryland
 
000-54755
 
45-3058280
(State or Other Jurisdiction of Incorporation)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
  3 Park Avenue, 36th Floor
New York, New York 10016
 
    (Address of Principal Executive Offices)  
 
 
(212) 418-4700
 
 
(Registrant’s telephone number, including area code)
 
 
 
Not applicable
 
 
 (Former name or former address, if changed since last report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

Item 2.02. Results of Operations and Financial Condition.
 
On March 23, 2017, the board of directors (the "Board") of CĪON Investment Corporation ("CĪON") declared four weekly cash distributions of $0.014067 per share each.  Each distribution will be paid on April 26, 2017, to shareholders of record on April 4, April 11, April 18, and April 25, 2017. A copy of the press release announcing the foregoing is attached hereto as Exhibit 99.1 and incorporated by reference herein.
 
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Expansion of the Board of Directors and Appointment of Independent Director
 
    On March 23, 2017, the Board approved an increase in the size of the Board from five to six directors, and thereafter appointed Earl V. Hedin, 60, as an independent director for a term expiring at CĪON's 2019 annual meeting of shareholders or until his successor is duly elected and qualified. Mr. Hedin was also appointed to serve as a member of CĪON's Audit Committee and Nominating and Corporate Governance Committee. As a result of the appointment of Mr. Hedin, the Board consists of four independent directors.
 
    Earl V. Hedin, 60, is the co-founder and Managing Partner of Hudson Partners Group LLC and its broker-dealer, Hudson Partners Securities LLC, registered with FINRA. The firm assists investment managers in raising institutional capital for hedge funds, private equity and other alternative investment strategies. From 1999 to 2007, Mr. Hedin served as a Senior Managing Director at Bear, Stearns & Co. Inc., where he held various senior roles building and guiding the Bear Stearns Asset Management Group. These roles included Chief Financial Officer, Director of Alternatives and co-head and founder of the firm's Private Funds Group.  He was responsible for the firm's sponsored venture capital funds and headed the approximately $1 billion private equity fund-of-funds program. During his tenure, he created numerous alternative asset products and helped raise over $3 billion for these funds. Mr. Hedin also created the first hedge fund-of-funds product at Bear Stearns. From 1995 to 1998, he served as a Managing Director - Principal, and worked on several key international financial structuring projects, including the creation of Bear Stearns Irish Bank in Dublin. Additionally, Mr. Hedin created the Bear Stearns Dublin Development Center to reduce technology related costs. From 1994 to 1995, he served as Vice President at Bankers Trust New York Corporation, where he was responsible for strategic planning and management reporting. Prior to that, from 1989 to 1993, he worked as a Vice President and Controller in the firm's Domestic Merchant Bank and directed all financial management functions across a variety of business units. During that time, he was also actively involved in the buying and selling of LBO partnership interests. From 1988 to 1989, he served as Vice President - Finance and Chief Financial Officer of American International Group's credit subsidiary, A.I. Credit Corporation, and managed the firm's liability portfolio. Previously, Mr. Hedin was an Associate in Morgan Stanley's venture capital group as well as the Chief Financial Officer of the group's activities. Prior to that, he served as a Senior Accountant at Price Waterhouse.
 
    Mr. Hedin received his M.B.A from Rutgers Graduate School of Management in 1980 and did graduate studies at Carnegie-Mellon University. He received his B.A. from Rutgers College in 1978. Mr. Hedin is a holder of the right to use the Chartered Financial Analyst® designation and is a Certified Public Accountant (retired).  Mr. Hedin also holds various FINRA licenses including Series 7, 63, 99, 24 (Securities Principal) and 27 (Financial Principal). 
 
    There are no arrangements or understandings between Mr. Hedin and any other person pursuant to which Mr. Hedin was appointed as a director of CĪON. Mr. Hedin has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
 
Changes to Titles of Certain Existing Executive Officers
 
    On March 23, 2017, Gregg A. Bresner, CĪON's Senior Managing Director and Chief Investment Officer, was appointed by the Board as President of CĪON. As a result of such appointment, (i) Mr. Bresner will assume the new role of President while maintaining his current role as Chief Investment Officer; and (ii) Mark Gatto and Michael A. Reisner, CĪON's Co-Chairmen, Co-Presidents and Co-Chief Executive Officers, will continue their role as Co-Chairmen and Co-Chief Executive Officers.
 
Item 9.01. Financial Statements and Exhibits.
 
 
(d)
Exhibits.
 
 
EXHIBIT NUMBER
 
DESCRIPTION
99.1   Press Release dated March 28, 2017.

 

                   
   SIGNATURES  
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
   
   
CĪON Investment Corporation
 
 
 
Date:
 March 28, 2017
By: /s/ Michael A. Reisner
    Co-Chief Executive Officer
 

 
EXHIBIT LIST
 
EXHIBIT NUMBER
 
DESCRIPTION
99.1   Press Release dated March 28, 2017.