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PHILADELPHIA, PA / ACCESSWIRE / August 19, 2024 / abrdn Asia-Pacific Income Fund, Inc. (NYSE American:FAX) (the "Fund"), a closed-end fund, announced today that the Fund's Board of Directors approved a 1-for-6 reverse stock split of the Fund's common stock.
The Fund anticipates completing a 1-for-6 reverse stock split prior to the open of trading on the New York Stock Exchange (the "NYSE") on September 9, 2024, for common stockholders of record as of the close of business on September 6, 2024. Trading in shares of the Fund's common stock on a split-adjusted basis is expected to begin at the open of trading on the NYSE on September 9, 2024. Shares of the Fund's common stock will continue trading on the NYSE American under its existing ticker symbol (NYSE American: FAX) but will be assigned the new CUSIP number below.
| Ticker | Fund Name | Old CUSIP | New CUSIP |
| FAX | abrdn Asia-Pacific Income Fund, Inc. | 003009107 | 003009867 |
As a result of the reverse stock split, every six shares of the Fund's outstanding common stock will be converted into one share of common stock. A reverse stock split will decrease the number of the Fund's shares of common stock outstanding and potentially increase the market price per share of common stock by a proportional amount. While the number of the Fund's outstanding shares of common stock will decline, neither the Fund's portfolio holdings nor the total value of stockholders' investments in the Fund will be affected as a result of the reverse stock split. After the reverse stock split, common stockholders' accounts will reflect proportionally fewer shares of common stock with a higher net asset value per share of common stock and each common stockholder will hold the same percentage of the Fund's outstanding shares of common stock as such stockholder held immediately prior to the reverse stock split, subject to adjustments for fractional shares resulting from the reverse stock split (discussed below).
The Fund's current monthly distribution of $0.0275 per share reflects the Fund's distribution policy to provide stockholders with a relatively stable cash flow per share out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a non-taxable return of capital. In connection with the reverse stock split, the Fund's fixed monthly distribution will be adjusted from $0.0275 per share to $0.165 per share, beginning with the first distribution to be declared following the effective date of the reverse stock split. Such adjustment to the Fund's fixed monthly distribution will result in no change in monthly cash flow to stockholders or the distribution on net asset value following the reverse stock split.