XAI Octagon Trust issues 400K Convertible Preferred Shares; holders convert all old preferred into common

XAI Octagon Floating Rate & Alternative Income Trust

On May 11, 2023, Trust issued 400,000 Additional Convertible Preferred Shares at $23.25/share, net proceeds ~$9.3M.
On May 2-3, 2023, holders converted all 400,000 outstanding Convertible Preferred Shares into 543,657 Common Shares at $6.44/share.
After issuance, Trust has 38,491,277 Common Shares and 400,000 Convertible Preferred Shares outstanding.
Sale exempt from registration under Section 4(a)(2) of Securities Act of 1933.

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