HRZN to acquire MRCC in NAV-for-NAV merger; asset sale to MCIP precedes close

Horizon Technology Finance Corp

MRCC to merge into HRZN in NAV-for-NAV share exchange; former MRCC shareholders to own ~37% of combined company.
Combined pro forma NAV ~$446M as of June 30, 2025; HTFM to waive $4M in fees over first four quarters post-close.
Asset sale of MRCC's assets to MCIP for cash at fair value immediately before merger; deal expected Q4 2025.
Merger structured as tax-free reorganization under Section 368(a); HRZN continues as public company on Nasdaq.

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