Hennessy Advisors to acquire CCM equity fund assets (~$70M); close expected in 2023

HENNESSY ADVISORS INC

Acquires assets of CCM Core Impact Equity Fund and CCM Small/Mid-Cap Impact Value Fund with ~$70M in combined AUM.
Transaction expected to close in calendar 2023, subject to shareholder and board approvals.
Upon closing, funds will reorganize into Hennessy Stance ESG Large Cap ETF (renamed Hennessy Stance ESG ETF as of Apr 28, 2023).
Deal structured as tax-free reorganization; CCM equity fund shareholders should recognize no gain/loss.
Hennessy CEO cites alignment with ESG investment approach and commitment to shareholder service.

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