Reaves Utility Income Fund Raises At-the-Market Share Sale Cap to 16,065,000 Shares
Reaves Utility Income Fund amended its distribution agreement with Paralel Distributors LLC on February 6, 2024, raising the maximum number of common shares it may sell through at-the-market offerings from 8,000,000 to 16,065,000. A corresponding amendment to the sub-placement agreement with UBS Securities LLC reflects the higher amount. Because the increase allows more new shares to be issued, existing shareholders could see their ownership diluted, although the fund may not sell shares below its net asset value.
Key points
- Maximum at-the-market offering amount raised from 8,000,000 to 16,065,000 common shares.
- Distribution Agreement Amendment and SPAA Amendment both dated February 6, 2024.
- Offering made under a prospectus supplement dated February 6, 2024 and a shelf registration statement (File No. 333-261328).
- Shares may not be sold below current net asset value, exclusive of any distributing commission or discount.
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 06, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.