Reaves Utility Income Fund Files 8-K for Material Definitive Agreement
Ticker: UTG · Form: 8-K · Filed: Feb 6, 2024 · CIK: 1263994
| Field | Detail |
|---|---|
| Company | Reaves Utility Income Fund (UTG) |
| Form Type | 8-K |
| Filed Date | Feb 6, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: material-agreement, corporate-action, 8-K
TL;DR
**UTG filed an 8-K for a material agreement, but the details are missing.**
AI Summary
Reaves Utility Income Fund (UTG) filed an 8-K on February 6, 2024, to report an "Entry into a Material Definitive Agreement." While the filing indicates a significant agreement, it does not disclose the specific details of the agreement itself. This matters to investors because a material definitive agreement could significantly impact the fund's operations, financial health, or future distributions, but without details, the nature of this impact remains unknown.
Why It Matters
This filing signals a potentially significant change for Reaves Utility Income Fund, but the lack of specific details about the agreement leaves investors in the dark about its potential impact.
Risk Assessment
Risk Level: medium — The risk is medium because a material definitive agreement could be positive or negative, but the absence of details creates uncertainty for investors.
Analyst Insight
A smart investor would monitor subsequent filings from Reaves Utility Income Fund for details regarding the 'Material Definitive Agreement' to understand its implications before making any investment decisions.
Key Players & Entities
- Reaves Utility Income Fund (company) — the registrant filing the 8-K
- UTG (company) — the trading symbol for Reaves Utility Income Fund
- February 6, 2024 (date) — the date of the earliest event reported and the filing date
- 811-21432 (dollar_amount) — the Commission File Number for the registrant
FAQ
What is the primary purpose of this 8-K filing by Reaves Utility Income Fund?
The primary purpose of this 8-K filing by Reaves Utility Income Fund is to report an "Entry into a Material Definitive Agreement" under Item 1.01, as well as "Financial Statements and Exhibits" under Item 9.01, with the earliest event reported on February 6, 2024.
What is the trading symbol and exchange for Reaves Utility Income Fund?
Reaves Utility Income Fund trades under the symbol UTG on the NYSE American exchange, as stated in the filing under 'Title of each class Trading Symbol(s) Name of each exchange on which registered'.
Where is Reaves Utility Income Fund's principal executive office located?
The principal executive office for Reaves Utility Income Fund is located at 1700 Broadway, Suite 1850, Denver, CO 80290, according to the business address provided in the filing.
What is the state of incorporation for Reaves Utility Income Fund?
Reaves Utility Income Fund is incorporated in Delaware, as indicated in the filing under 'State or other jurisdiction of incorporation'.
Does the filing provide specific details about the 'Material Definitive Agreement'?
No, the filing does not provide specific details about the 'Material Definitive Agreement'. It only states that an entry into such an agreement occurred under Item 1.01, without elaborating on the nature or terms of the agreement.
Filing Stats: 734 words · 3 min read · ~2 pages · Grade level 14.9 · Accepted 2024-02-06 17:28:41
Filing Documents
- utg_8k-020624.htm (8-K) — 19KB
- ex1-1.htm (EX-1.1) — 10KB
- ex1-2.htm (EX-1.2) — 10KB
- 0001999371-24-001602.txt ( ) — 41KB
01 - Entry into a Material Definitive Agreement
Item 1.01 - Entry into a Material Definitive Agreement Amendments to the Distribution and Sub-Placement Agent Agreements On February 6, 2024, Reaves Utility Income Fund (NYSE American: UTG) (the “Fund”) amended (the “Distribution Agreement Amendment”) its distribution agreement (the “Distribution Agreement”), originally entered into on September 19, 2022, with Paralel Distributors LLC (“Paralel Distributors”). The Distribution Agreement Amendment revised the terms of the Distribution Agreement to increase the maximum number of common shares of beneficial interest, no par value (“Common Shares”), that may be offered and sold by the Fund from time to time through Paralel Distributors in transactions deemed to be “at-the-market” as defined in Rule 415 under the Securities Act of 1933, as amended, from 8,000,000 to 16,065,000 Common Shares (the “Offering”). The Offering is made pursuant a prospectus supplement, dated February 6, 2024 and the accompanying prospectus, dated November 24, 2021, each of which constitute part of the Fund’s effective shelf registration statement on Form N-2 (File No. 333-261328) previously filed with the Securities and Exchange Commission (the “Registration current net asset value of such common shares, exclusive of any distributing commission or discount. Under the Distribution Agreement, Paralel Distributors may enter into sub-placement agent agreements with one or more selected dealers. Paralel Distributors had entered into a sub-placement agent agreement, originally dated September 19, 2022 (the “Sub-Placement Agent Agreement”), with UBS Securities LLC, relating to the Common Shares to be offered under the Distribution Agreement. In conjunction with the Distribution Amendment, on February 6, 2024
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 1.1 Amendment No. 1 to Distribution Agreement between the Fund and Paralel Distributors LLC, dated February 6, 2024 1.2 Amendment No. 1 Sub-Placement Agent Agreement between Paralel Distributors LLC and UBS Securities LLC, dated February 6, 2024
SIGNATURES
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. Date: February 6, 2024 By: /s/ Joseph Rhame III Joseph Rhame III President