Navid Abghari - Oct 14, 2021 Form 4 Insider Report for Angel Oak Financial Strategies Income Term Trust (FINS)

Signature
Chase Eldredge
Stock symbol
FINS
Transactions as of
Oct 14, 2021
Transactions value $
$13,089
Form type
4
Date filed
10/18/2021, 04:06 PM
Previous filing
Sep 14, 2021
Next filing
Oct 22, 2021

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 $13.1K +815 +33.35% $16.06 3.26K Oct 14, 2021 Direct

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 Transferable Subscription Right (right to buy) Exercise of in-the-money or at-the-money derivative security -2.45K -100% 0 Oct 14, 2021 Common Stock 815 Direct F1, F2
* 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 transferable 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). Holders of Rights were entitled to subscribe for additional Shares (the Offer) at a discount to the market price of the Common Shares. 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); however, any Record Date Common Shareholder who owned fewer than three Common Shares as of the Record Date was entitled to subscribe for one Common Share. Fractional Common Shares were not issued. The subscription period commenced on the Record Date and expired on October 14, 2021.
F2 The final subscription price of $16.06 per Common Share was determined based upon the terms of the Offer. 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. 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 will be 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. The Common Shares subscribed for will be issued after completion of the pro rata allocation of over-subscription shares and receipt of all shareholder payments.