Matthew A. Drapkin - Jun 15, 2022 Form 4 Insider Report for Great Elm Capital Corp. (GECC)

Role
Director
Signature
/s/ Adam M. Kleinman, attorney-in-fact
Stock symbol
GECC
Transactions as of
Jun 15, 2022
Transactions value $
$7,800,000
Form type
4
Date filed
6/17/2022, 05:26 PM
Previous filing
Jun 16, 2022
Next filing
Jul 20, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GECC Common Stock Options Exercise $1.05M +84K +61.58% $12.50 220K Jun 15, 2022 See Footnote F1, F6, F7
transaction GECC Common Stock Options Exercise $2M +160K +326.98% $12.50 209K Jun 15, 2022 See Footnote F2, F6, F7
transaction GECC Common Stock Options Exercise $4M +320K +651.2% $12.50 369K Jun 15, 2022 See Footnote F3, F6, F7
transaction GECC Common Stock Options Exercise $250K +20K +1529.05% $12.50 21.3K Jun 15, 2022 Direct F4
transaction GECC Common Stock Other $500K +40K +12944.98% $12.50 40.3K Jun 15, 2022 See Footnote F4, F5, F8

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction GECC Subscription Rights Options Exercise $0 -132K -100% $0.00* 0 Jun 15, 2022 Common Stock 132K $12.50 See Footnote F6, F7, F9
transaction GECC Subscription Rights Options Exercise $0 -47.3K -100% $0.00* 0 Jun 15, 2022 Common Stock 47.3K $12.50 See Footnote F6, F7, F10
transaction GECC Subscription Rights Options Exercise $0 -48.2K -100% $0.00* 0 Jun 15, 2022 Common Stock 48.2K $12.50 See Footnote F6, F7, F11
transaction GECC Subscription Rights Options Exercise $0 -1.31K -100% $0.00* 0 Jun 15, 2022 Common Stock 1.31K $12.50 Direct
transaction GECC Subscription Rights Options Exercise $0 -309 -100% $0.00* 0 Jun 15, 2022 Common Stock 309 $12.50 See Footnote F8, F12
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").
F2 Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").
F3 Represents shares of common stock purchased by Northern Right Capital Management, L.P., a Texas limited partnership ("Northern Right Management"), on behalf of separate managed accounts on behalf of an investment advisory client (the "Managed Accounts").
F4 On June 15, 2022, the Reporting Person exercised in full his primary subscription rights (each 1 subscription right entitling him to purchase 1 share of Common Stock and oversubscritption privilege), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.
F5 Represents shares of common stock held directly by Bernice Drapkin Non-GST Exempt Marital Trust U/A/D 12/10/2015 (the "Marital Trust").
F6 As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and Northern Right QP. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.
F7 (continued from footnote 6) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.
F8 As trustee of the Marital Trust, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by the Marital Trust. The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position as trustee of the Marital Trust.
F9 Represents subscription rights held directly by Northern Right QP.
F10 Represents subscription rights held directly by NRC Partners.
F11 Represents subscription rights held by Northern Right Management, on behalf of the Managed Accounts.
F12 Represents subscription rights held by the Marital Trust.