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August 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Fifth Street Asset Management to shut down

Fifth Street Asset Management has announced its dissolution, informing the Nasdaq Global Select Market that it will file a Form 25 with the U.S. Securities and Exchange Commission (SEC) on or about Nov. 6 to voluntarily withdraw its Class A common stock from Nasdaq listing and registration.

In announcing its action, the Greenwich asset management firm, which managed the

publicly traded business development companies Fifth Street Finance Corp. and Fifth Street Senior Floating Rate Corp., did not offer an explanation for its decision. Following its Nasdaq delisting, the company plans to have its common stock quoted for trading in the OTCQX U.S. Market. In early 2018, the company plans to file a Certification on Form 15 with the SEC under the Securities Exchange Act of 1934 requesting the suspension of its reporting obligations.

Fifth Street moved from White Plains to Greenwich in 2014, buying 777 W. Putnam Ave. for its offices for nearly $39 million. Connecticut’s Department of Economic and Community Development provided the company with a 10-year, $4 million loan for the purchase and fit-out of 44,000 square feet of space in the building, with the stipulation that up to $3 million would be forgiven if the company met a 100-person hiring milestone, which it claimed to have achieved in 2016. The state also provided a $500,000 grant for job training and another $500,000 grant for the installation of a renewable energy system.