Cheryl Pate - Oct 19, 2021 Form 4 Insider Report for Angel Oak Financial Strategies Income Term Trust (FINS)

Signature
Adam Langley
Stock symbol
FINS
Transactions as of
Oct 19, 2021
Transactions value $
$530
Form type
4
Date filed
10/22/2021, 01:00 PM
Previous filing
Oct 18, 2021
Next filing
Apr 1, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FINS Common Stock Exercise of in-the-money or at-the-money derivative security $530 +33 +0.71% $16.06 4.7K Oct 19, 2021 2,667 shares owned directly; 2,000 shares owned indirectly by spouse F1, F2, F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction FINS Oversubscription Privilege (Contingent Right to Buy) Exercise of in-the-money or at-the-money derivative security -99 -100% 0 Oct 19, 2021 Common Stock 33 Direct F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) (the "Fund") issued transferrable rights ("Rights") to the holders of the Fund's common shares ("Common Shareholders") of beneficial interest ("Common Shares") as of September 20, 2021 (the "Record Date"). The Fund distributed to Common Shareholders of record as of the Record Date ("Record Date Shareholders") one Right for each Common Share held on the Record Date. Record Date Shareholders were entitled to purchase one new Common Share for every three Rights held (1 for 3). The subscription period commenced on the Record Date and expired on October 14, 2021 (the "Expiration Date").
F2 Record Date Shareholders who exercised all of their primary subscription Rights were eligible for an over-subscription privilege entitling Record Date Shareholders to subscribe for additional Common Shares not purchased pursuant to the primary subscription by other Record Date Shareholders. The Offer was over-subscribed. The over-subscription requests exceeded the over-subscription shares available. Accordingly, the shares subscribed for pursuant to the over-subscription privilege of the Offer were allocated pro rata among those fully exercising Record Date Shareholders who over-subscribed based on the number of Rights originally issued to them by the Fund.
F3 On October 14, 2021 (the "Expiration Date"), the Reporting Person fully exercised their Rights to purchase 1,167 Common Shares (previously reported on a Form 4 filed on October 18, 2021). On October 19, 2021, the third-party Subscription Agent for the Offering determined the allocations to be made to Record Date Shareholders who exercised their oversubscription privilege. The Reporting Person purchased an additional 33 Common Shares pursuant to the oversubscription privileges based on the Subscription Agent's oversubscription allocation.
F4 The final subscription price of $16.06 per Common Share was determined based upon the terms of the Offer.