Declares Third Quarter 2025 Base Distribution of $0.36 per Share
CION Investment Corporation (NYSE: CION) (“CION” or the “Company”) today reported financial results for the second quarter ended June 30, 2025 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.
CION also announced that, on August 4, 2025, its co-chief executive officers declared a third quarter 2025 base distribution of $0.36 per share, payable on September 16, 2025 to shareholders of record as of September 2, 2025.
SECOND QUARTER AND OTHER HIGHLIGHTS
- Net investment income and earnings per share for the quarter ended June 30, 2025 were $0.32 per share and $0.52 per share, respectively;
- Net asset value per share was $14.50 as of June 30, 2025 compared to $14.28 as of March 31, 2025, an increase of $0.22 per share, or 1.5%. The increase was primarily due to mark-to-market price increases to the Company’s portfolio during the quarter ended June 30, 2025;
- As of June 30, 2025, the Company had $1.12 billion of total principal amount of debt outstanding, of which 38% was comprised of senior secured bank debt and 62% was comprised of unsecured debt. The Company’s net debt-to-equity ratio was 1.39x as of both periods ended June 30, 2025 and March 31, 2025;
- As of June 30, 2025, the Company had total investments at fair value of $1.77 billion in 99 portfolio companies across 24 industries. The investment portfolio was comprised of 85.1% senior secured loans, including 85.0% in first lien investments;1
- During the quarter, the Company funded new investment commitments of $29 million, funded previously unfunded commitments of $10 million, and had sales and repayments totaling $88 million, resulting in a net decrease to the Company's funded portfolio of $49 million;
- As of June 30, 2025, investments on non-accrual status amounted to 1.37% and 3.03% of the total investment portfolio at fair value and amortized cost, respectively, from 1.20% and 3.16%, respectively, as of March 31, 2025;
- During the quarter, the Company repurchased 699,565 shares of its common stock under its 10b5-1 trading plan at an average price of $9.37 per share for a total repurchase amount of $6.6 million. Through June 30, 2025, the Company repurchased a total of 4,654,598 shares of its common stock under its 10b5-1 trading plan at an average price of $10.11 per share for a total repurchase amount of $47.0 million; and
- On August 5, 2025, the Company’s board of directors, including the independent directors, further increased the amount of shares of the Company’s common stock that may be repurchased under the Company’s share repurchase policy by $20 million to up to an aggregate of $80 million.
DISTRIBUTIONS
- For the quarter ended June 30, 2025, the Company paid a quarterly base distribution totaling $18.9 million, or $0.36 per share, on June 16, 2025 to shareholders of record as of June 2, 2025.
Michael Reisner, co-Chief Executive Officer of CION, commented:
“Overall, we are pleased with our growth in NAV and continued steady credit performance in our portfolio. Repayments accelerated this quarter, and we expect additional repayments in the third quarter, which should allow us to deploy into our forward pipeline while balancing our overall leverage profile.
Additionally, we are excited to announce that our board has authorized a $20M upsize to our share repurchase program at our quarterly board meeting earlier this week.”
SELECTED FINANCIAL HIGHLIGHTS
|
|
As of |
||||
(in thousands, except per share data and ratios) |
|
June 30, 2025 |
|
March 31, 2025 |
||
Investment portfolio, at fair value1 |
|
$ |
1,765,955 |
|
$ |
1,791,684 |
Total debt outstanding2 |
|
$ |
1,117,344 |
|
$ |
1,117,344 |
Net assets |
|
$ |
758,610 |
|
$ |
756,784 |
Net asset value per share |
|
$ |
14.50 |
|
$ |
14.28 |
Debt-to-equity |
|
1.47x |
|
1.48x |
||
Net debt-to-equity |
|
1.39x |
|
1.39x |
||
|
|
Three Months Ended |
||||||
(in thousands, except share and per share data) |
|
June 30, 2025 |
|
March 31, 2025 |
||||
Total investment income |
|
$ |
52,244 |
|
|
$ |
56,074 |
|
Total operating expenses and income tax expense |
|
$ |
35,322 |
|
|
$ |
36,822 |
|
Net investment income after taxes |
|
$ |
16,922 |
|
|
$ |
19,252 |
|
Net realized (losses) gains |
|
$ |
(32,376 |
) |
|
$ |
2,294 |
|
Net unrealized gains (losses) |
|
$ |
42,770 |
|
|
$ |
(64,251 |
) |
Net increase (decrease) in net assets resulting from operations |
|
$ |
27,316 |
|
|
$ |
(42,705 |
) |
|
|
|
|
|
||||
Net investment income per share |
|
$ |
0.32 |
|
|
$ |
0.36 |
|
Net realized and unrealized gains (losses) per share |
|
$ |
0.20 |
|
|
$ |
(1.16 |
) |
Earnings per share |
|
$ |
0.52 |
|
|
$ |
(0.80 |
) |
|
|
|
|
|
||||
Weighted average shares outstanding |
|
|
52,628,784 |
|
|
|
53,073,211 |
|
Distributions declared per share |
|
$ |
0.36 |
|
|
$ |
0.36 |
|
Total investment income for the three months ended June 30, 2025 and March 31, 2025 was $52.2 million and $56.1 million, respectively. The decrease in total investment income was primarily driven by lower transaction fees earned from origination and amendment activity during the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025, as well as interest income written off as a result of certain investment restructurings during the quarter ended June 30, 2025, partially offset by an increase in dividend income quarter over quarter.
Operating expenses for the three months ended June 30, 2025 and March 31, 2025 were $35.3 million and $36.8 million, respectively. The decrease in operating expenses was primarily driven by lower advisory fees due to lower total investment income during the quarter ended June 30, 2025 as compared to the quarter ended March 31, 2025.
PORTFOLIO AND INVESTMENT ACTIVITY1
A summary of the Company's investment activity for the three months ended June 30, 2025 is as follows:
|
|
New Investment Commitments |
|
Sales and Repayments |
|||||||||
Investment Type (in thousands) |
|
$ |
|
% |
|
$ |
|
% |
|||||
Senior secured first lien debt |
|
$ |
40,917 |
|
100 |
% |
|
$ |
(87,027 |
) |
|
99 |
% |
Collateralized securities and structured products - equity |
|
|
— |
|
— |
|
|
|
(511 |
) |
|
1 |
% |
Unsecured debt |
|
|
— |
|
— |
|
|
|
(461 |
) |
|
— |
|
Equity |
|
|
76 |
|
— |
|
|
|
— |
|
|
— |
|
Total |
|
$ |
40,993 |
|
100 |
% |
|
$ |
(87,999 |
) |
|
100 |
% |
During the three months ended June 30, 2025, new investment commitments were made across 10 existing portfolio companies. During the same period, the Company received full repayment of investments in 3 portfolio companies, sold all investments in 1 portfolio company and wrote off all investments in 1 portfolio company. As a result, the number of portfolio companies decreased from 104 as of March 31, 2025 to 99 as of June 30, 2025.
PORTFOLIO SUMMARY1
As of June 30, 2025, the Company’s investments consisted of the following:
|
|
Investments at Fair Value |
||||
Investment Type (in thousands) |
|
$ |
|
% |
||
Senior secured first lien debt |
|
$ |
1,501,896 |
|
85.0 |
% |
Senior secured second lien debt |
|
|
1,011 |
|
0.1 |
% |
Collateralized securities and structured products - equity |
|
|
3,027 |
|
0.2 |
% |
Unsecured debt |
|
|
8,091 |
|
0.4 |
% |
Equity |
|
|
251,930 |
|
14.3 |
% |
Total |
|
$ |
1,765,955 |
|
100.0 |
% |
The following table presents certain selected information regarding the Company’s investments:
|
|
As of |
||
|
|
June 30, 2025 |
|
March 31, 2025 |
Number of portfolio companies |
|
99 |
|
104 |
Percentage of performing loans bearing a floating rate3 |
|
90.8 % |
|
92.6 % |
Percentage of performing loans bearing a fixed rate3 |
|
9.2 % |
|
7.4 % |
Yield on debt and other income producing investments at amortized cost4 |
|
12.35 % |
|
12.13 % |
Yield on performing loans at amortized cost4 |
|
12.84 % |
|
12.62 % |
Yield on total investments at amortized cost |
|
10.99 % |
|
10.84 % |
Weighted average leverage (net debt/EBITDA)5 |
|
5.64x |
|
5.28x |
Weighted average interest coverage5 |
|
1.93x |
|
1.99x |
Median EBITDA6 |
|
$34.6 million |
|
$34.2 million |
As of June 30, 2025, investments on non-accrual status represented 1.37% and 3.03% of the total investment portfolio at fair value and amortized cost, respectively. As of March 31, 2025, investments on non-accrual status represented 1.20% and 3.16% of the total investment portfolio at fair value and amortized cost, respectively.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2025, the Company had $1.12 billion of total principal amount of debt outstanding, comprised of $425 million of outstanding borrowings under its senior secured credit facilities and $692 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 7.5% for the quarter ended June 30, 2025. As of June 30, 2025, the Company had $65 million in cash and short-term investments and $106 million available under its financing arrangements.2
EARNINGS CONFERENCE CALL
CION will host an earnings conference call on Thursday, August 7, 2025 at 11:00 am Eastern Time to discuss its financial results for the second quarter ended June 30, 2025. Please visit the Investor Resources - Earnings Presentation section of the Company’s website at www.cionbdc.com for a slide presentation that complements the earnings conference call.
All interested parties are invited to participate via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation Second Quarter Conference Call. Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived replay will be available on a webcast link located in the Investor Resources - Earnings Call section of CION’s website.
ENDNOTES
1) |
The discussion of the investment portfolio excludes short-term investments. |
|
|
2) |
Total debt outstanding excludes netting of debt issuance costs of $15.7 million and $17.6 million as of June 30, 2025 and March 31, 2025, respectively. |
|
|
3) |
The fixed versus floating rate composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, on non-accrual status. |
|
|
4) |
Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual status) at amortized cost. This calculation excludes exit fees that are receivable upon repayment of the investment. |
|
|
5) |
For a particular portfolio company, the Company calculates the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compares that amount to measures of cash flow available to service the net debt. To calculate net debt, the Company includes debt that is both senior and pari passu to the tranche of debt owned by it but excludes debt that is legally and contractually subordinated in ranking to the debt owned by the Company. The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by the Company relative to other senior and junior creditors of a portfolio company. The Company typically calculates cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of the Company's performing debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
|
|
|
For a particular portfolio company, the Company also calculates the level of contractual interest expense owed by the portfolio company and compares that amount to EBITDA (“interest coverage ratio”). The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of the Company's performing debt investments, and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
|
|
|
Portfolio company statistics, including EBITDA, are derived from the financial statements most recently provided to the Company for each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by the Company and may reflect a normalized or adjusted amount. |
|
|
6) |
Median EBITDA is calculated based on the portfolio company's EBITDA as of the Company's initial investment. |
CĪON Investment Corporation Consolidated Balance Sheets (in thousands, except share and per share amounts) |
||||||||
|
|
June 30, 2025 |
|
March 31, 2025 |
||||
|
|
(unaudited) |
|
(unaudited) |
||||
Assets |
||||||||
Investments, at fair value: |
|
|
|
|
||||
Non-controlled, non-affiliated investments (amortized cost of $1,385,856 and $1,463,914, respectively) |
|
$ |
1,335,756 |
|
|
$ |
1,393,039 |
|
Non-controlled, affiliated investments (amortized cost of $303,476 and $316,945, respectively) |
|
|
301,456 |
|
|
|
301,622 |
|
Controlled investments (amortized cost of $211,782 and $184,057, respectively) |
|
|
187,416 |
|
|
|
150,999 |
|
Total investments, at fair value (amortized cost of $1,901,114 and $1,964,916, respectively) |
|
|
1,824,628 |
|
|
|
1,845,660 |
|
Cash |
|
|
6,533 |
|
|
|
7,720 |
|
Interest receivable on investments |
|
|
45,246 |
|
|
|
40,863 |
|
Receivable due on investments sold and repaid |
|
|
3,408 |
|
|
|
1,047 |
|
Prepaid expenses and other assets |
|
|
966 |
|
|
|
1,033 |
|
Total assets |
|
$ |
1,880,781 |
|
|
$ |
1,896,323 |
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
||||||||
Liabilities |
|
|
|
|
||||
Financing arrangements (net of unamortized debt issuance costs of $15,704 and $17,568, respectively) |
|
$ |
1,101,640 |
|
|
$ |
1,099,776 |
|
Payable for investments purchased |
|
|
4 |
|
|
|
1,896 |
|
Accounts payable and accrued expenses |
|
|
1,178 |
|
|
|
990 |
|
Interest payable |
|
|
7,866 |
|
|
|
6,475 |
|
Accrued management fees |
|
|
6,497 |
|
|
|
6,625 |
|
Accrued subordinated incentive fee on income |
|
|
3,589 |
|
|
|
4,084 |
|
Accrued administrative services expense |
|
|
1,263 |
|
|
|
544 |
|
Share repurchases payable |
|
|
134 |
|
|
|
— |
|
Shareholder distribution payable |
|
|
— |
|
|
|
19,149 |
|
Total liabilities |
|
|
1,122,171 |
|
|
|
1,139,539 |
|
|
|
|
|
|
||||
Shareholders' Equity |
|
|
|
|
||||
Common stock, $0.001 par value; 500,000,000 shares authorized; 52,317,736 and |
|
|
|
|
||||
53,003,407 shares issued, and 52,303,842 and 53,003,407 shares outstanding, respectively |
|
|
52 |
|
|
|
53 |
|
Capital in excess of par value |
|
|
1,012,957 |
|
|
|
1,019,512 |
|
Accumulated distributable losses |
|
|
(254,399 |
) |
|
|
(262,781 |
) |
Total shareholders' equity |
|
|
758,610 |
|
|
|
756,784 |
|
Total liabilities and shareholders' equity |
|
$ |
1,880,781 |
|
|
$ |
1,896,323 |
|
Net asset value per share of common stock at end of period |
|
$ |
14.50 |
|
|
$ |
14.28 |
|
CĪON Investment Corporation Consolidated Statements of Operations (in thousands, except share and per share amounts) |
||||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
Year Ended December 31, |
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
||||||||||
Investment income |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
$ |
32,478 |
|
|
$ |
38,512 |
|
|
$ |
66,598 |
|
|
$ |
93,884 |
|
|
$ |
165,786 |
|
Paid-in-kind interest income |
|
|
6,289 |
|
|
|
7,236 |
|
|
|
14,648 |
|
|
|
14,285 |
|
|
|
31,397 |
|
Fee income |
|
|
739 |
|
|
|
1,338 |
|
|
|
4,522 |
|
|
|
5,211 |
|
|
|
9,865 |
|
Dividend income |
|
|
1,212 |
|
|
|
5,139 |
|
|
|
1,718 |
|
|
|
5,139 |
|
|
|
5,855 |
|
Non-controlled, affiliated investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
|
2,305 |
|
|
|
2,383 |
|
|
|
4,280 |
|
|
|
3,902 |
|
|
|
6,426 |
|
Paid-in-kind interest income |
|
|
3,342 |
|
|
|
2,569 |
|
|
|
6,490 |
|
|
|
5,051 |
|
|
|
11,692 |
|
Fee income |
|
|
700 |
|
|
|
704 |
|
|
|
700 |
|
|
|
704 |
|
|
|
3,648 |
|
Dividend income |
|
|
439 |
|
|
|
13 |
|
|
|
630 |
|
|
|
40 |
|
|
|
411 |
|
Controlled investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
|
4,467 |
|
|
|
3,163 |
|
|
|
8,259 |
|
|
|
6,395 |
|
|
|
12,970 |
|
Fee income |
|
|
273 |
|
|
|
300 |
|
|
|
473 |
|
|
|
300 |
|
|
|
4,382 |
|
Total investment income |
|
|
52,244 |
|
|
|
61,357 |
|
|
|
108,318 |
|
|
|
134,911 |
|
|
|
252,432 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
||||||||||
Management fees |
|
|
6,497 |
|
|
|
6,841 |
|
|
|
13,122 |
|
|
|
13,705 |
|
|
|
27,321 |
|
Administrative services expense |
|
|
1,196 |
|
|
|
1,246 |
|
|
|
2,475 |
|
|
|
2,338 |
|
|
|
4,783 |
|
Subordinated incentive fee on income |
|
|
3,589 |
|
|
|
4,871 |
|
|
|
7,673 |
|
|
|
11,785 |
|
|
|
20,334 |
|
General and administrative |
|
|
1,393 |
|
|
|
1,659 |
|
|
|
3,229 |
|
|
|
3,443 |
|
|
|
7,157 |
|
Interest expense |
|
|
22,637 |
|
|
|
23,773 |
|
|
|
45,635 |
|
|
|
48,075 |
|
|
|
96,870 |
|
Total operating expenses |
|
|
35,312 |
|
|
|
38,390 |
|
|
|
72,134 |
|
|
|
79,346 |
|
|
|
156,465 |
|
Net investment income before taxes |
|
|
16,932 |
|
|
|
22,967 |
|
|
|
36,184 |
|
|
|
55,565 |
|
|
|
95,967 |
|
Income tax expense, including excise tax |
|
|
10 |
|
|
|
4 |
|
|
|
10 |
|
|
|
9 |
|
|
|
107 |
|
Net investment income after taxes |
|
|
16,922 |
|
|
|
22,963 |
|
|
|
36,174 |
|
|
|
55,556 |
|
|
|
95,860 |
|
Realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net realized losses on: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-controlled, non-affiliated investments |
|
|
(32,376 |
) |
|
|
(13,186 |
) |
|
|
(30,082 |
) |
|
|
(22,922 |
) |
|
|
(24,367 |
) |
Non-controlled, affiliated investments |
|
|
— |
|
|
|
(7,091 |
) |
|
|
— |
|
|
|
(7,091 |
) |
|
|
(3,946 |
) |
Net realized losses |
|
|
(32,376 |
) |
|
|
(20,277 |
) |
|
|
(30,082 |
) |
|
|
(30,013 |
) |
|
|
(28,313 |
) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
||||||||||||
Non-controlled, non-affiliated investments |
|
|
20,832 |
|
|
|
1,417 |
|
|
|
(9,830 |
) |
|
|
(5,100 |
) |
|
|
(8,218 |
) |
Non-controlled, affiliated investments |
|
|
10,560 |
|
|
|
23,202 |
|
|
|
2,131 |
|
|
|
16,956 |
|
|
|
5,059 |
|
Controlled investments |
|
|
11,378 |
|
|
|
(4,927 |
) |
|
|
(13,782 |
) |
|
|
(8,576 |
) |
|
|
(30,486 |
) |
Net change in unrealized appreciation (depreciation) |
|
|
42,770 |
|
|
|
19,692 |
|
|
|
(21,481 |
) |
|
|
3,280 |
|
|
|
(33,645 |
) |
Net realized and unrealized gains (losses) |
|
|
10,394 |
|
|
|
(585 |
) |
|
|
(51,563 |
) |
|
|
(26,733 |
) |
|
|
(61,958 |
) |
Net increase (decrease) in net assets resulting from operations |
|
$ |
27,316 |
|
|
$ |
22,378 |
|
|
$ |
(15,389 |
) |
|
$ |
28,823 |
|
|
$ |
33,902 |
|
Per share information—basic and diluted |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in net assets per share resulting from operations |
|
$ |
0.52 |
|
|
$ |
0.42 |
|
|
$ |
(0.29 |
) |
|
$ |
0.54 |
|
|
$ |
0.63 |
|
Net investment income per share |
|
$ |
0.32 |
|
|
$ |
0.43 |
|
|
$ |
0.68 |
|
|
$ |
1.03 |
|
|
$ |
1.79 |
|
Weighted average shares of common stock outstanding |
|
|
52,628,784 |
|
|
|
53,595,624 |
|
|
|
52,848,420 |
|
|
|
53,778,161 |
|
|
|
53,564,788 |
|
ABOUT CION INVESTMENT CORPORATION
CION Investment Corporation is a leading publicly listed business development company that had approximately $1.9 billion in total assets as of June 30, 2025. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss CION’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent CION’s belief regarding future events that, by their nature, are uncertain and outside of CION’s control. There are likely to be events in the future, however, that CION is not able to predict accurately or control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events that could cause CION’s actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors CION identifies in the sections entitled “Risk Factors” and “Forward-Looking Statements” in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
OTHER INFORMATION
The information in this press release is summary information only and should be read in conjunction with CION’s Quarterly Report on Form 10-Q, which CION filed with the SEC on August 7, 2025, as well as CION’s other reports filed with the SEC. A copy of CION’s Quarterly Report on Form 10-Q and CION’s other reports filed with the SEC can be found on CION’s website at www.cionbdc.com and the SEC’s website at www.sec.gov.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250807495969/en/
Contacts
Media
Susan Armstrong
sarmstrong@cioninvestments.com
Investor Relations
Charlie Arestia
carestia@cioninvestments.com
(646) 253-8259