Praxis Precision Medicines general counsel sells $4.8m in shares
abrdn Global Dynamic Dividend Fund (NYSE:AGD) announced Friday it has entered into a distribution agreement with ALPS Distributors, Inc. Under the agreement, the fund may offer and sell up to $25 million of its common shares of beneficial interest from time to time through the distributor in transactions classified as "at the market" under Rule 415 of the Securities Act of 1933. The fund, currently trading at $11.23 with a market capitalization of $281.72 million, has delivered impressive returns of 28.27% year-to-date and 26.71% over the past year, according to InvestingPro data.
The offering will be conducted pursuant to a prospectus supplement dated Friday and an accompanying prospectus dated October 30, 2025, both of which are part of the fund’s effective shelf registration statement on Form N-2 previously filed with the Securities and Exchange Commission. According to the fund, sales of common shares will not occur at prices below the current net asset value of the shares, exclusive of any distributing commission or discount, as required under the Investment Company Act of 1940.
The distributor is permitted to enter into sub-placement agent agreements with selected dealers. In connection with this, ALPS Distributors, Inc. has entered into a sub-placement agent agreement with UBS Securities LLC to assist in the offering.
Additionally, the fund disclosed that, effective August 1, 2025, Ruairidh Finlayson left the fund’s adviser and ceased serving as one of the portfolio managers with primary responsibility for the day-to-day management of the fund’s portfolio. Josh Duitz, Martin Connaghan, and Andrew Kohl are now jointly and primarily responsible for managing the portfolio.
The information in this article is based on a press release statement contained in the fund’s Form 8-K filing with the Securities and Exchange Commission.
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