CION Investment Corporation filed a prospectus to offer up to $500M in securities, according to a regulatory filing. The document submitted to the Securities and Exchange Commission (SEC) outlines the company's intention to raise capital through the sale of securities.

Filing Details

The prospectus provides details regarding the proposed offering, including the maximum aggregate amount of securities the company intends to offer. The filing indicates that the total value of the securities could reach up to $500M.

Proposed Offering Structure

The following table summarizes the key details available in the filing:

The prospectus serves as a formal offer to sell securities and contains essential information for potential investors. CION Investment Corporation has not yet specified the exact types of securities or the timing of the offering beyond the details in the initial filing.

Bulldog Investors, LLP, a shareholder owning more than 3% of the outstanding shares of CION Investment Corporation, is calling on management to materially expand its share repurchase program. The investor holds 1,716,599 shares and argues that the current valuation presents a significant opportunity for the company to return capital to shareholders.

As of July 2, 2026, CION’s stock price stood at $6.39, more than 50% below its last reported net asset value (NAV) of $13.11. This substantial discount implies that if CION’s portfolio were liquidated in an orderly fashion and the cash distributed to shareholders, they would receive more than double the current market price for their shares.

Bulldog Investors contends that the current market price does not reflect the intrinsic value of CION’s underlying assets. The firm acknowledges that CION has repurchased a significant number of shares in the past but believes the current trading discount necessitates more aggressive action. Specifically, Bulldog advises that CION should not issue any additional loans until the discount narrows significantly. Instead, the firm urges CION to deploy all investible cash to repurchase shares and reduce debt to prevent the leverage ratio from increasing.

The following table outlines the key valuation metrics cited by Bulldog Investors:

If management declines to cease making loans and materially expand CION’s share repurchase program, Bulldog may nominate directors that support a transaction to maximize shareholder value, including possibly winding up the company.