secwatch.observer — SEC 8-K summary
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Issuer:     Great Elm Capital Corp. (GECC)
CIK:        0001675033
Form:       8-K
Filed at:   2022-03-04T23:59:59+00:00
Accession:  0001140361-22-007874
Event type: leadership
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 3.01, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Great Elm Capital posts Q4 net loss; CEO ousted amid Avanti impairment; new specialty finance focus
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- Q4 2021 EPS -$4.95; NAV per share fell to $16.63 from $22.17; Avanti investments caused $26.6M unrealized loss.
- CEO Peter Reed resigned; replaced by Matt Kaplan. Board chair Matthew Drapkin and new director Richard Cohen appointed.
- Company noncompliant with Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A) due to board vacancies.
- Quarterly dividends: $0.60 for Q1 2022 and $0.45 for Q2 2022 (10.8% annualized yield on pro forma NAV).
- Acquired majority stake in Sterling Commercial Credit ($7.5M) and formed joint venture with Utica Leaseco for equipment financing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/0001140361-22-007874-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/ny20003136x2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-22-007874

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