Form 8-K
8-K — Great Elm Capital Corp.
Accession: 0001193125-26-204241
Filed: 2026-05-04
Period: 2026-05-01
CIK: 0001675033
Item: Results of Operations and Financial Condition
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Financial Statements and Exhibits
Documents
8-K — gecc-20260501.htm (Primary)
EX-99.1 (gecc-ex99_1.htm)
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8-K
8-K (Primary)
Filename: gecc-20260501.htm · Sequence: 1
8-K
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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): May 01, 2026
Great Elm Capital Corp.
(Exact name of Registrant as Specified in Its Charter)
Maryland
814-01211
81-2621577
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
3801 PGA Boulevard, Suite 603
Palm Beach Gardens, Florida
33410
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: 617 375-3006
(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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
GECC
Nasdaq Global Market
5.875% Notes due 2026
GECCO
Nasdaq Global Market
8.50% Notes due 2029
GECCI
Nasdaq Global Market
8.125% Notes due 2029
GECCH
Nasdaq Global Market
7.75% Notes due 2030
GECCG
Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 4, 2026, Great Elm Capital Corp. ("we," "us," "our" or the "Company") issued the press release furnished as exhibit 99.1 to this report.
The foregoing information (including the exhibit hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On May 1, 2026, the Company's board of directors appointed Jason W. Reese to serve as the Company’s Chief Executive Officer effective immediately following the filing of the Company’s Form 10-Q for the period ended March 31, 2026. Upon Mr. Reese's assumption of this role, Matt Kaplan, who was appointed President and Chief Executive Officer of the Company effective March 4, 2022, concluded his service as the Company's President and Chief Executive Officer. This decision was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or procedures. Mr. Kaplan will remain with the Company’s external investment adviser, Great Elm Capital Management, LLC (“GECM”), as a portfolio manager.
Mr. Reese will not receive compensation from the Company for his service as Chief Executive Officer.
Mr. Reese, 60, is the Co-Founder, Chairman and CEO of Imperial Capital Asset Management, LLC (“ICAM”) and the Co-Founder of Imperial Capital, LLC (“Imperial Capital”), both founded in 1997. ICAM has managed various hedge funds, investment partnerships, a private REIT and a private equity fund. Imperial Capital is a registered broker-dealer. During his time at Imperial Capital, Mr. Reese formed Monomoy Properties REIT, LLC in 2014, focusing on the Industrial Outdoor Storage sector and continues to serve on the Board of Directors. Mr. Reese is also a founding member of City Ventures, LLC, a California-based private home builder, and has served on the Board of Directors since its inception in 2009. Prior to Imperial Capital, Mr. Reese was a principal with Gordon Investment Corporation (“Gordon”), a merchant banking firm in New York and Dallas, where he focused on investing in distressed real estate transactions, high yield securities and leveraged buyouts. Prior to his time with Gordon, Mr. Reese worked in the Corporate Finance Group at PaineWebber in New York. Mr. Reese graduated with honors from Yale University with a B.S. in Electrical Engineering.
Mr. Reese also serves a member of the investment committee of GECM, and as CEO and Chairman of the board of directors Great Elm Group, Inc. (“GEG”), the parent company of GECM. GEG owns approximately 9.7% of our common stock as of the date hereof.
We have entered into various agreements with GEG and GECM, including a license agreement with GEG and our Investment Management Agreement and our Administration Agreement with GECM, each as disclosed in our Annual Reports on Form 10-K filed with the Securities and Exchange Commission.
GECM has also entered into the Shared Services Agreement, pursuant to which ICAM makes available to GECM certain back-office employees of ICAM to provide services to GECM in exchange for reimbursement by GECM of the allocated portion of such employees’ time.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished with this report but shall not be deemed filed:
Exhibit
Number
Description
99.1
Earnings Press Release, dated May 4, 2026.
104
The cover page of this Current Report on Form 8-K, formatted as inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Great Elm Capital Corp.
Date:
May 4, 2026
By:
/s/ Keri Davis
Keri Davis
Chief Financial Officer
EX-99.1
EX-99.1
Filename: gecc-ex99_1.htm · Sequence: 2
EX-99.1
Exhibit 99.1
Great Elm Capital Corp. Announces
First Quarter 2026 Financial Results
Company to Host Conference Call and Webcast at 8:30 AM ET on May 5, 2026
Jason Reese, Executive Chairman of the Board of Directors, Appointed as CEO of the Company
GECC’s Investment Adviser Waives 2Q26 Incentive Fees, Following the Waiver of $2.8 Million, or $0.20 Per Share, of Accrued Incentive Fees through March 31, 2026
Net Investment Income (“NII”) of $0.36 Per Share in 1Q26 Grew Approximately 13% Quarter-over-Quarter
NAV of $7.74 Per Share as of March 31, 2026
Called or Repurchased All $57.5 Million of GECCO Notes due June 2026, Leaving No Funded Debt Maturity Until 2029
Strong Liquidity Position with Approximately $10 Million of Cash and Equivalents, $50 Million of Revolving Credit Facility Availability, and Ample Liquid Assets as of March 31, 2026
Repurchased Approximately 1% of GECC's Outstanding Shares at an Average 36% Discount to March 31, 2026, NAV
Board Declares $0.25 Per Share Distribution for 2Q26, Resulting in an Annualized Dividend Yield of 18% on GECC’s Closing Price as of May 1, 2026
PALM BEACH GARDENS, Florida, May 4, 2026 – Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the first quarter ended March 31, 2026.
Management Commentary
Jason Reese, Chairman of the Board of Directors and Chief Executive Officer of the Company stated, “I am honored to step into the role of CEO of GECC. In my first few months as Executive Chairman, I have focused on executing a clear mandate: Strengthening oversight, protecting shareholder value, and reinforcing accountability across the platform. The progress we have made this quarter reflects that commitment. We have brought greater rigor, transparency, and accountability to the platform, and I am encouraged by the direction of the portfolio and the quality of the team executing on our strategy. I would like to thank Matt Kaplan for his leadership during his tenure as CEO. Matt will continue in his role as Portfolio Manager.
The Manager's decision to waive all accrued and unpaid incentive fees through the second quarter of 2026 demonstrates alignment with GECC shareholders. We remain focused on increasing net asset value, improving earnings quality, and positioning GECC for sustainable performance. With a strong foundation in place and continued discipline across credit underwriting and portfolio oversight, I am confident we are well-positioned to navigate the current market environment and deliver attractive, risk-adjusted returns to our investors. Our first quarter results exhibit meaningful progress in building a portfolio positioned for durable, long-term performance. At quarter end, GECC had less than 1% of investments on nonaccrual, a stark contrast to our peers.
While capital deployment remained measured during the quarter given the historically tight spread environment, we expanded our private credit pipeline and further diversified the portfolio. We ended the period with ample liquidity, including meaningful cash on hand, full availability under our revolving credit facility, and a healthy base of liquid assets.”
Recent Board Actions and Shareholder Returns
▪
GECC’s Board of Directors appointed Jason Reese as Chief Executive Officer on May 4, 2026, succeeding Matt Kaplan, following Mr. Reese’s appointment as Executive Chairman on March 2, 2026, to provide seasoned credit investment experience and active management oversight. Mr. Reese currently serves as Chairman and CEO of Great Elm Group, Inc. (NASDAQ: GEG), the parent of the Company’s investment adviser, Great Elm Capital Management, LLC (“GECM” or “Investment Adviser”).
▪
GECM waived all accrued incentive fees through June 30, 2026, in addition to previously waiving all $2.8 million, or $0.20 per share, of accrued incentive fees through March 31, 2026.
▪
The Company’s Board of Directors approved a quarterly dividend of $0.25 per share for the second quarter of 2026, equating to an 18% annualized yield on GECC’s May 1, 2026, closing price of $5.56.
▪
The Company’s Board of Directors authorized a stock repurchase program in October 2025, whereby the Company may opportunistically repurchase up to an aggregate of $10 million of its outstanding common shares. Through May 1, 2026, the Company repurchased approximately 0.1 million shares for $0.5 million, at an average price of $4.98 per share or a 36% discount to the Company’s NAV on March 31, 2026, leaving approximately $9.5 million of remaining capacity under the program for future repurchases.
First Quarter and Recent Operating Highlights
▪
Total investment income (“TII”) for the quarter ended March 31, 2026, was $9.5 million, as compared to $12.6 million for the quarter ended December 31, 2025.
▪
GECC received $2.5 million of cash distributions from the CLO Formation JV, LLC (“CLO JV”) in the quarter ended March 31, 2026, as compared to $4.3 million in the quarter ended December 31, 2025, driven by the uneven cadence of CLO cash flows.
▪
Net investment income (“NII”) for the quarter ended March 31, 2026, was $5.0 million, or $0.36 per share, as compared to $4.4 million, or $0.31 per share, for the quarter ended December 31, 2025.
▪
NII increased, despite lower TII, primarily due to the benefit of the incentive fee waiver.
▪
Net assets were $107.5 million, or $7.74 per share, as of March 31, 2026, as compared to $112.9 million, or $8.07 per share, as of December 31, 2025.
▪
Unrealized losses, primarily resulting from mark-to-market volatility, drove the change in net assets, partially offset by realized gains and the positive impact of the incentive fee waiver.
▪
GECC recently called or repurchased all $57.5 million of GECCO notes, including calling the $18.6 million outstanding balance of the notes for redemption on May 27, 2026.
▪
GECC’s asset coverage ratio was 161.8% as of March 31, 2026, as compared to 158.1% as of December 31, 2025.
▪
Subsequent to quarter end, GECC received an additional $1.2 million distribution from its CoreWeave-related investment, bringing total distributions to date to approximately $8.1 million, well in excess of its $6.0 million original capital investment.
Financial Highlights – Per Share Data
-2-
Q1/2025
Q2/2025
Q3/2025
Q4/2025
Q1/2026
Earnings Per Share (“EPS”)
$0.04
$1.02
($1.79)
($1.57)
$(0.05)
Net Investment Income (“NII”) Per Share
$0.40
$0.51
$0.20
$0.31
$0.36
Net Realized and Unrealized Gains / (Losses) Per Share
($0.36)
$0.51
($1.98)
($1.88)
($0.41)
Net Asset Value Per Share at Period End
$11.46
$12.10
$10.01
$8.07
$7.74
Distributions Paid / Declared Per Share
$0.37
$0.37
$0.37
$0.37
$0.30
Financial Review
Total investment income for the quarter ended March 31, 2026, was $9.5 million, or $0.68 per share. Total expenses for the quarter ended March 31, 2026, were $7.4 million, or $0.53 per share, inclusive of excise tax expense.
Net realized and unrealized losses for the quarter ended March 31, 2026, were approximately $5.7 million, or $0.41 per share, driven by unrealized depreciation in investments, primarily resulting from mark-to-market volatility, partially offset by net realized gains.
Liquidity and Capital Resources
As of March 31, 2026, cash and money market fund investments totaled approximately $10 million. In addition, GECC had $50 million of availability on its revolving line of credit (the “Revolver”) and approximately $4 million of liquid, exchange-traded assets as of March 31, 2026.
As of March 31, 2026, total debt outstanding (par value) was $174.0 million, comprised of $18.6 million 5.875% senior notes due June 2026 (NASDAQ: GECCO), $56.5 million 8.50% senior notes due April 2029 (NASDAQ: GECCI), $41.4 million 8.125% senior notes due December 2029 (NASDAQ: GECCH), and $57.5 million 7.75% senior notes due December 2030 (NASDAQ: GECCG).
Distributions
The Company’s Board of Directors has approved a quarterly cash distribution of $0.25 per share for the quarter ending June 30, 2026, to be paid from distributable earnings. The second quarter distribution will be payable on June 30, 2026, to stockholders of record as of June 15, 2026.
The distribution equates to an 18.0% annualized dividend yield on the Company’s closing market price of $5.56 on May 1, 2026, and a 12.9% annualized dividend yield on the Company’s March 31, 2026, NAV of $7.74 per share.
Stock Repurchase Program
The Company’s Board of Directors authorized a stock repurchase program in October 2025, whereby the Company may opportunistically repurchase up to an aggregate of $10 million of its outstanding common shares. The authorization represents approximately 12% of the Company’s market capitalization as of May 1, 2026. Through May 1, 2026, the Company has repurchased approximately 0.1 million shares for $0.5 million, at an average price of $4.98 per share or a 36% discount to the Company’s NAV on March 31, 2026, leaving approximately $9.5 million of remaining capacity under the program for future repurchases.
-3-
Conference Call and Webcast
GECC will discuss these results in a conference call at 8:30 a.m. ET on May 5, 2026.
Conference Call Details
Date/Time: Tuesday, May 5, 2026 – 8:30 a.m. ET
Participant Dial-In Numbers:
(United States): 877-407-0789
(International): 201-689-8562
To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release.
Webcast
The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.
About Great Elm Capital Corp.
GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Media & Investor Contact:
Investor Relations
investorrelations@greatelmcap.com
-4-
GREAT ELM CAPITAL CORP.
STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
Dollar amounts in thousands (except per share amounts)
March 31,
2026
December 31, 2025
Assets
Investments
Non-affiliated, non-controlled investments, at fair value (amortized cost of $231,569 and $254,313, respectively)
$
191,783
$
218,381
Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $9,600 and $32,803, respectively)
9,600
32,803
Affiliated investments, at fair value (amortized cost of $12,379 and $12,379, respectively)
-
-
Controlled investments, at fair value (amortized cost of $94,683 and $94,683, respectively)
75,380
79,887
Total investments
276,763
331,071
Cash and cash equivalents
-
1,834
Receivable for investments sold
1,442
3,215
Interest receivable
2,385
2,182
Dividends receivable
782
1,046
Due from affiliates
178
218
Deferred financing costs
211
256
Prepaid expenses and other assets
1,003
953
Total assets
$
282,764
$
340,775
Liabilities
Notes payable (including unamortized discount of $4,884 and $5,064, respectively)
$
169,143
$
189,319
Payable for investments purchased
3,859
33,652
Interest payable
73
64
Accrued incentive fees payable
-
2,267
Due to affiliates
1,492
1,475
Accrued expenses and other liabilities
720
1,052
Total liabilities
$
175,287
$
227,829
Commitments and contingencies (Note 7)
Net Assets
Common stock, par value $0.01 per share (100,000,000 shares authorized, 13,892,045 shares issued and outstanding and 13,998,168 shares issued and outstanding, respectively)
$
139
$
140
Additional paid-in capital
358,251
358,778
Accumulated losses
(250,913
)
(245,972
)
Total net assets
$
107,477
$
112,946
Total liabilities and net assets
$
282,764
$
340,775
Net asset value per share
$
7.74
$
8.07
-5-
GREAT ELM CAPITAL CORP.
STATEMENTS OF OPERATIONS (unaudited)
Dollar amounts in thousands (except per share amounts)
For the Three Months Ended March 31,
2026
2025
Investment Income:
Interest income from:
Non-affiliated, non-controlled investments
$
5,089
$
6,402
Non-affiliated, non-controlled investments (PIK)
819
611
Controlled investments
812
953
Total interest income
6,720
7,966
Dividend income from:
Non-affiliated, non-controlled investments
159
236
Controlled investments
2,546
3,376
Total dividend income
2,705
3,612
Other income from:
Non-affiliated, non-controlled investments
119
743
Non-affiliated, non-controlled investments (PIK)
-
174
Total other income
119
917
Total investment income
$
9,544
$
12,495
Expenses:
Management fees
$
1,072
$
1,272
Incentive fees
543
1,150
Administration fees
510
355
Custody fees
35
38
Directors’ fees
54
53
Professional services
514
424
Interest expense
4,256
4,251
Other expenses
296
308
Total expenses
$
7,280
$
7,851
Incentive fee waiver
(2,810
)
-
Net expenses
$
4,470
$
7,851
Net investment income before taxes
$
5,074
$
4,644
Excise tax
$
91
$
68
Net investment income
$
4,983
$
4,576
Net realized and unrealized gains (losses):
Net realized gain (loss) on investment transactions from:
Non-affiliated, non-controlled investments
$
2,632
$
264
Realized loss on repurchase of debt
(2
)
-
Total net realized gain (loss)
2,630
264
Net change in unrealized appreciation (depreciation) on investment transactions from:
Non-affiliated, non-controlled investments
(3,851
)
(2,066
)
Controlled investments
(4,507
)
(2,321
)
Total net change in unrealized appreciation (depreciation)
(8,358
)
(4,387
)
Net realized and unrealized gains (losses)
$
(5,728
)
$
(4,123
)
Net increase (decrease) in net assets resulting from operations
$
(745
)
$
453
Earnings per share (basic and diluted):
$
(0.05
)
$
0.04
Weighted average shares outstanding (basic and diluted):
13,984,828
11,544,415
-6-
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May 01, 2026
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
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Data Type:
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Balance Type:
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X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
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Namespace Prefix:
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Data Type:
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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Period Type:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
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Balance Type:
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- Definition
Title of a 12(b) registered security.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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Data Type:
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- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
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Data Type:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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