<SEC-DOCUMENT>0001104659-21-116251.txt : 20210916
<SEC-HEADER>0001104659-21-116251.hdr.sgml : 20210916
<ACCEPTANCE-DATETIME>20210916115810
ACCESSION NUMBER:		0001104659-21-116251
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210915
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210916
DATE AS OF CHANGE:		20210916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00941
		FILM NUMBER:		211257349

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2127719d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C.&nbsp;&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report</B> (Date of earliest event
reported):<B>&nbsp;September 16,&nbsp;2021 </B>(September 15, 2021)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>C&#298;ON
Investment Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;(Exact Name of Registrant as Specified
in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.8pt; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000-54755</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.8pt; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>45-3058280</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or Other Jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
    File Number)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>3 Park Avenue, 36th
        Floor</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>New York, New York
        10016</B></P></TD>
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    (Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 40%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(212)
    418-4700</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&rsquo;s
    telephone number, including area code)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
    applicable</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(Former
    name or former address, if changed since last report)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;
</FONT>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;
</FONT>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;
</FONT>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;
</FONT>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Securities registered
pursuant to Section&nbsp;12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    symbol(s)</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 48%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>None</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not applicable</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not applicable</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 2.02. Results of Operations and Financial
Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
board of directors (the &ldquo;Board&rdquo;) of C&#298;ON Investment Corporation (&ldquo;CIC&rdquo;) has delegated to CIC&rsquo;s executive
officers the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will
be ratified by the Board on a quarterly basis.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 15, 2021, <FONT STYLE="background-color: white">CIC&rsquo;s
co-chief executive officers (a) changed the timing </FONT>of declaring and paying regular distributions to shareholders from monthly to
quarterly commencing with the fourth quarter of 2021; (b) declared a <FONT STYLE="background-color: white">regular quarterly cash distribution
of </FONT>$0.1324 <FONT STYLE="background-color: white">per share for&nbsp;</FONT>the fourth quarter of 2021; and (c) declared <FONT STYLE="background-color: white">a
special cash distribution </FONT>expected to be in the range of $0.07 to $0.10 per share for the year ending December 31, 2021. <FONT STYLE="background-color: white">The
regular quarterly cash distribution will be paid on December 8, 2021 to shareholders of record as of December 1, 2021. The special cash
distribution will be paid on December 23, 2021 to shareholders of record as of December 16, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the press release
announcing the foregoing is attached hereto as Exhibit 99.1 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 3.03. Material Modification to Rights
of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 15, 2021, the
Board, including the independent directors, approved the termination of CIC&rsquo;s existing fifth amended and restated distribution reinvestment
plan (the &ldquo;Existing DRP&rdquo;), effective as of the date CIC&rsquo;s shares of common stock list on the New York Stock Exchange
(the &ldquo;Listing&rdquo;). On September 15, 2021, the Board adopted a new distribution reinvestment plan (the &ldquo;New DRP&rdquo;),
also effective upon the Listing and will first apply to the reinvestment of cash distributions payable during the fourth quarter of 2021<FONT STYLE="background-color: white">.</FONT>
There can be no assurance that CIC will be able to complete the Listing in any certain timeframe or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Existing DRP and
prior to the Listing, cash distributions to participating shareholders who &ldquo;opt in&rdquo; to the Existing DRP are reinvested in
additional shares of CIC common stock at a purchase price equal to the estimated net asset value per share of common stock as of the date
of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the Listing, all shareholders
will automatically be enrolled in the New DRP and will receive distributions as declared by CIC in additional shares of CIC common stock
unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder&rsquo;s financial
adviser; or (ii) if such shareholder has a registered account maintained at CIC&rsquo;s transfer agent, the plan administrator. With respect
to cash distributions to participating shareholders under the New DRP, CIC <FONT STYLE="background-color: white">reserves the right to
either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the
New DRP. Unless CIC, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A)&nbsp;if
the per share &ldquo;market price&rdquo; (as defined in the New DRP) is equal to or greater than the estimated net asset value (&ldquo;NAV&rdquo;)
per share on the payment date for the distribution, then CIC will issue shares at the greater of (i)&nbsp;NAV or (ii)&nbsp;95% of the
market price; or (B)&nbsp;if the market price is less than the NAV, then, in CIC&rsquo;s sole discretion, (i)&nbsp;shares will be purchased
in open market transactions for the accounts of participating shareholders to the extent practicable, or (</FONT>ii)&nbsp;CIC will issue
shares at NAV. <FONT STYLE="background-color: white">Pursuant to the terms of the New DRP, the number of shares to be issued to a participating
shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price
per share at which CIC issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator
will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other
charges, of all shares purchased in the open market with respect to such distribution.</FONT>&nbsp;No other material terms of the Existing
DRP have been amended in connection with the New DRP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the New DRP as set forth in this Item&nbsp;3.03 is a summary only and is qualified in all respects by the provisions of the New DRP,
a copy of which is attached hereto as Exhibit 4.1 and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a copy of the
press release announcing the foregoing is attached hereto as Exhibit 99.1 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.03. Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In anticipation of the Listing,
on September 15, 2021, the Board authorized CIC to file Articles of Amendment to its Articles of Incorporation (the &ldquo;Reverse Stock
Split Amendment&rdquo;) with the State Department of Assessments and Taxation of the State of Maryland to effect a two-to-one reverse
split of CIC&rsquo;s shares of common stock (the &ldquo;Reverse Stock Split&rdquo;). It is expected that the Reverse Stock Split will
become effective in accordance with the terms of the Reverse Stock Split Amendment on or about September 21, 2021. As a result of the
Reverse Stock Split, every two shares of CIC common stock issued and outstanding will be automatically combined into one share of CIC
common stock. The Reverse Stock Split Amendment also provides that there will be no change in the par value of $0.001 per share as a result
of the Reverse Stock Split. The Reverse Stock Split will not modify the rights or preferences of CIC&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Reverse Stock Split Amendment does not purport to be complete and is subject to, and is qualified in its entirety by reference
to, the full text of the Reverse Stock Split Amendment, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a copy of the
press release announcing the foregoing is attached hereto as Exhibit 99.1 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01. Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 15, 2021, the
Board, including the independent directors, <FONT STYLE="background-color: white">approved a share repurchase policy authorizing CIC to
repurchase up to $50 million of CIC&rsquo;s outstanding common stock after the Listing. Under the share repurchase policy, CIC may purchase
shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated
transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at CIC&rsquo;s
discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with CIC&rsquo;s
general business conditions. The policy may be suspended or discontinued at any time and does not obligate CIC to acquire any specific
number of shares of its common stock.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">As
part of the share repurchase policy, CIC intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities
Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that CIC might otherwise
be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan will be administered
by an independent broker and will be subject to price, market volume and timing restrictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a copy of the
press release announcing the foregoing is attached hereto as Exhibit 99.1 and incorporated by reference herein.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: -9pt"><B>Item 9.01.
Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 90%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 10%"><A HREF="tm2127719d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="width: 90%"><A HREF="tm2127719d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reverse Stock Split Amendment.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2127719d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD><A HREF="tm2127719d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Reinvestment Plan of <FONT STYLE="background-color: white">C&#298;ON Investment Corporation.</FONT></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2127719d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="tm2127719d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated September &#8239;16, 2021.</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 34%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SIGNATURES</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><B>C&#298;ON Investment Corporation</B></P>
                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><B>&nbsp;</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif">  September 16, 2021</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: <U>/s/ Michael A. Reisner</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Co-Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT LIST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT<BR>
NUMBER</B></FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><A HREF="tm2127719d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><A HREF="tm2127719d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reverse Stock Split Amendment.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><A HREF="tm2127719d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><A HREF="tm2127719d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Reinvestment Plan of <FONT STYLE="background-color: white">C&#298;ON Investment Corporation.</FONT></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><A HREF="tm2127719d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><A HREF="tm2127719d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated September 16, 2021</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2127719d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Exhibit 3.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>C&#298;ON
INVESTMENT</B></FONT><B> CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES OF AMENDMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">C&#298;ON
Investment Corporation</FONT>, a Maryland corporation (the &ldquo;Corporation&rdquo;), does hereby certify to the State Department of
Assessments and Taxation of the State of Maryland (the &ldquo;SDAT&rdquo;) that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>FIRST</U>:&nbsp;The
charter of the Corporation is hereby amended to provide that, immediately upon acceptance of these Articles of Amendment for record (the
 &ldquo;Effective Time&rdquo;) by the SDAT, every two shares of common stock, $0.001 par value per share, of the Corporation that were
issued and outstanding immediately prior to the Effective Time shall be changed into one issued and outstanding share of common stock,
$0.002 par value per share of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>SECOND</U>:&nbsp;Upon
the effectiveness of the amendment set forth in Article FIRST hereof, the charter of the Corporation is hereby further amended to decrease
the par value of each share of common stock of the Corporation from $0.002 per share to $0.001 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>THIRD</U>:&#9;These Articles
of Amendment were approved by a majority of the board of directors of the Corporation, and (i) the amendment set forth in Article FIRST
hereof is made without action by the stockholders of the Corporation pursuant to Section 2-309(e) of the Maryland General Corporation
Law and the amendment set forth in Article SECOND hereof is made without action by the stockholders of the Corporation pursuant to Section
2-605(a)(2) of the Maryland General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>FIFTH</U>:&#9;The authorized
stock of the Corporation has not been increased by these Articles of Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>SIXTH</U>:&#9;As amended
hereby, the charter of the Corporation shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>SEVENTH</U>:&#9;Each of
the undersigned acknowledges these Articles of Amendment to be the act and deed of the respective entity on behalf of which he or she
has signed, and further, as to all matters or facts required to be verified under oath, each of the undersigned acknowledges that, to
the best of his or her knowledge, information and belief, these matters and facts relating to the entity on whose behalf he or she has
signed are true in all material respects and that this statement is made under the penalties of perjury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-<I>Signatures Appear on Following Page-</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, these Articles
of Amendment are hereby signed in the name of and have been duly executed, as of the [ ] day of September, 2021, on behalf of the Corporation,
by its officer set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">ATTEST:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="background-color: white">C&#298;ON Investment Corporation</FONT>, a Maryland corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 3%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 44%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 44%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">Name: Stephen Roman</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Name: Michael A. Reisner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">Title: Secretary</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Title:&nbsp;&nbsp;Co-Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm2127719d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><FONT STYLE="text-transform: none">Exhibit
4.1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DISTRIBUTION REINVESTMENT
PLAN<BR>
OF<BR>
C<FONT STYLE="background-color: white">&#298;</FONT>ON INVESTMENT CORPORATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">C<FONT STYLE="background-color: white">&#298;</FONT>ON
Investment Corporation, a Maryland corporation (the &ldquo;<U>Corporation</U>&rdquo;), has adopted the following plan (the &ldquo;<U>Plan</U>&rdquo;),
to be administered by <FONT STYLE="background-color: white">DST Asset Management Solutions, Inc.</FONT> and its affiliates (the &ldquo;<U>Plan
Administrator</U>&rdquo;), with respect to distributions declared by the Corporation&rsquo;s Board of Directors on shares of its common
stock, par value $0.001 per share (the &ldquo;<U>Common Stock</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Prior to the listing of shares
of Common Stock on the New York Stock Exchange (the &ldquo;<U>Listing</U>&rdquo;), participation required that a shareholder affirmatively
 &ldquo;opt in&rdquo; to the Plan. Subsequent to the Listing, participation requires no action on the part of a shareholder, and a shareholder
who does not wish to participate must &ldquo;opt out&rdquo; of the Plan. Upon a Listing, all shareholders, including those who held shares
prior to the Listing, must affirmatively opt out in the manner detailed in Section 8 hereof if they do not wish to participate in the
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A shareholder who participates
in the Plan, either by electing to (i) &ldquo;opt in&rdquo; to the Plan prior to the Listing or (ii) not &ldquo;opt out&rdquo; of the
Plan following the Listing (each a &ldquo;<U>Participant</U>&rdquo;), will be subject to the terms below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All cash distributions hereafter declared by the Board of Directors, net of any applicable withholding tax, shall be automatically
reinvested in additional shares of Common Stock, and no action shall be required on such Participant&rsquo;s part to receive a distribution
in Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Such distributions shall be payable on such date or dates as may be fixed from time to time by the Board of Directors to shareholders
of record at the close of business on the record date established by the Board of Directors for the distribution involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With respect to each distribution pursuant to this Plan, the Board of Directors reserves the right, subject to the provisions of
the Investment Company Act of 1940, as amended, to either issue new shares of Common Stock or to make open market purchases of its shares
of Common Stock for the accounts of Participants. The Corporation intends to use primarily newly issued shares of its Common Stock to
implement the Plan, so long as shares of its Common Stock are trading at or above net asset value. Following a Listing, if shares of its
Common Stock are trading below net asset value, the Corporation intends to cause the Plan Administrator, to the extent permitted by law
and after taking into account any additional expenses related to open market purchases, to purchase shares of Common Stock in the open
market in connection with the implementation of the Plan. However, the Corporation reserves the right to issue new shares of its Common
Stock in connection with its obligations under the Plan even if shares of its Common Stock are trading below net asset value. If newly
issued shares are used to implement the Plan, the number of shares of Common Stock to be issued to a Participant is determined by dividing
the total dollar amount of the distribution payable to such shareholder by the market price per share of Common Stock at the close of
regular trading on the New York Stock Exchange on the payment date subject to the adjustments described below. The market price per share
of Common Stock on a particular date shall be the closing price for such shares on the New York Stock Exchange on such date or, if no
sale is reported for such date, at the average of their reported bid and asked prices. However, if the market price per share exceeds
the most recently computed net asset value per share, the Corporation shall issue shares at the greater of (i) the most recently computed
net asset value per share and (ii) 95% of the current market price per share. If the market price per share is less than the most recently
computed net asset value per share, and the Company issues shares pursuant to the Plan, the Company shall issue such shares at net asset
value. If shares of Common Stock are purchased in the open market to implement this Plan, the number of shares to be issued to a shareholder
shall be determined by dividing the dollar amount of the cash distribution payable to such shareholder by the weighted average price per
share for all shares purchased by the Plan Administrator in the open market in connection with the distribution. The number of shares
of Common Stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at
which additional shares will be issued has been determined and elections of the shareholders have been tabulated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Plan Administrator shall establish an account for shares of Common Stock acquired pursuant to the Plan for each Participant.
The Plan Administrator shall hold each Participant&rsquo;s shares, together with the shares of other Participants, in non-certificated
form. The Plan Administrator shall not issue share certificates to any Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Plan Administrator shall confirm to each Participant each acquisition made pursuant to the Plan as soon as practicable but
not later than 30 business days after the payment date. Each Participant may from time to time have an undivided fractional interest (computed
to three decimal places) in a share of Common Stock, and distributions on fractional shares shall be credited to each Participant&rsquo;s
account. In the event of termination of a Participant&rsquo;s account under the Plan, the Plan Administrator shall adjust for any such
undivided fractional interest in cash at the market value of the shares of Common Stock at the time of termination determined in accordance
with Paragraph 3 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In the event that the Corporation makes available to its shareholders rights to purchase additional shares or other securities,
the shares held by the Plan Administrator for each Participant under the Plan shall be added to any other shares held by the Participant
in calculating the number of rights to be issued to the Participant. Transaction processing may be either curtailed or suspended until
the completion of any stock dividend, stock split or corporate action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Plan Administrator&rsquo;s service fee, if any, and expenses for administering the Plan shall be paid for by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Participant may elect to receive an entire distribution in cash by notifying the Plan Administrator in writing at <FONT STYLE="background-color: white">DST
Asset Management Solutions, Inc., c/o ICON Capital, LLC, P.O. Box 219476, Kansas City, MO 64121-9476,</FONT> so that such notice is received
by the Plan Administrator no later than the record date for such distribution to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Participant may terminate the Participant&rsquo;s account under the Plan by so notifying the Plan Administrator by submitting
a letter of instruction terminating the Participant&rsquo;s account under the Plan to the Plan Administrator. Such termination shall be
effective immediately if the Participant&rsquo;s notice is received by the Plan Administrator at least three days prior to any distribution
date; otherwise, such termination shall be effective only with respect to any subsequent distribution. The Plan may be terminated or amended
by the Corporation upon notice in writing that is published and made publicly available at least 30 days prior to any record date for
the payment of any distribution by the Corporation. Upon any termination, the Plan Administrator shall cause the shares of Common Stock
held for the Participant under the Plan to be delivered to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>These terms and conditions may be amended or supplemented by the Corporation at any time but, except when necessary or appropriate
to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only
by publishing and making publicly available appropriate written notice at least 30 days prior to the effective date thereof. The amendment
or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator receives
written notice of the termination of the Participant&rsquo;s account under the Plan. Any such amendment may include, without limitation,
an appointment by the Plan Administrator in its place and stead of a successor agent under these terms and conditions, with full power
and authority to perform all or any of the acts to be performed by the Plan Administrator under these terms and conditions. Upon any such
appointment of any agent for the purpose of receiving distributions, the Corporation shall be authorized to pay to such successor agent,
for each Participant&rsquo;s account, all distributions payable on shares of Common Stock held in the Participant&rsquo;s name or under
the Plan for retention or application by such successor agent as provided in these terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Plan Administrator shall at all times act in good faith and use its best efforts within reasonable limits to ensure its full
and timely performance of all services to be performed by it with respect to purchases and sales of the Corporation&rsquo;s Common Stock
under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors
unless such error is caused by the Plan Administrator&rsquo;s negligence, bad faith or willful misconduct or that of its employees or
agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>These terms and conditions shall be governed by the laws of the State of Maryland.</P>

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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>tm2127719d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B>CION Investment
Corporation Declares Q4 2021 Regular Distribution and Full Year 2021 Special Distribution, Announces 2-to-1 Reverse Stock
Split, and Share Repurchase Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Also adopts new distribution reinvestment
plan for shareholders.</I></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">----------------------------</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NEW YORK, NY (September 16, 2021)&nbsp;&ndash;
CION Investment Corporation (&ldquo;CIC&rdquo;), a leading publicly registered&nbsp;non-traded business development company, announced
that on September 15, 2021, its co-chief executive officers <FONT STYLE="background-color: white">(i) changed the timing </FONT>of declaring
and paying regular distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021; (ii) declared a
<FONT STYLE="background-color: white">regular quarterly cash distribution of </FONT>$0.1324 <FONT STYLE="background-color: white">per
share for&nbsp;</FONT>the fourth quarter of 2021; and (iii) declared <FONT STYLE="background-color: white">a special cash distribution </FONT>expected
to be in the range of $0.07 to $0.10 per share for the year ending December 31, 2021. <FONT STYLE="background-color: white">The regular
quarterly cash distribution will be paid on December 8, 2021 to shareholders of record as of December 1, 2021, and the special cash distribution
will be paid on December 23, 2021 to shareholders of record as of December 16, 2021</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mark Gatto, co-Chief Executive Officer of
CIC, said, &ldquo;Our portfolio continues to perform solidly and deliver income for shareholders. We are pleased to announce the
special distribution to be paid at the end of the year based on CIC&rsquo;s investment company taxable income generated through the
course of the year.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2-to-1 Reverse Stock Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Separately, CIC announced that, in anticipation
of a potential listing of its shares of common stock on the New York Stock Exchange (the &ldquo;Listing&rdquo;), CIC&rsquo;s board of
directors (the &ldquo;Board&rdquo;) approved a 2-to-1 reverse split of CIC&rsquo;s shares of common stock. CIC expects that the reverse
stock split will become effective on or about September 21, 2021. As a result of the reverse stock split, every two shares of CIC common
stock issued and outstanding will be automatically combined into one share of CIC common stock. There will be no change in the par value
of $0.001 per share as a result of the reverse stock split. In addition, the reverse stock split will not modify the rights or preferences
of CIC&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Michael A. Reisner, co-Chief Executive Officer
of CIC, commented, &ldquo;As we continue to make progress toward a potential Listing, we believe a reverse stock split will broaden the
range of potential investors for our common stock, thereby potentially improving the trading and liquidity of shares to the benefit of
all shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CIC will further announce details regarding the
results of the reverse stock split, including the commensurate adjustments to the forthcoming regular and special distribution per share
amounts announced in this press release, following effectiveness of the reverse stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Share Repurchase Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CIC also announced that its Board <FONT STYLE="background-color: white">approved
a share repurchase policy authorizing CIC to repurchase up to $50 million of its outstanding common stock after the Listing. The number
of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at CIC&rsquo;s discretion. The policy
may be suspended or discontinued at any time and does not obligate CIC to acquire any specific number of shares of its common stock.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">As part
of the share repurchase policy, CIC intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange
Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that CIC might otherwise be precluded
from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan will be administered by an independent
broker and will be subject to price, market volume and timing restrictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>New Distribution Reinvestment Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lastly, in anticipation of a potential Listing,
CIC announced that its Board adopted a new distribution reinvestment plan (the &ldquo;New DRP&rdquo;) and terminated the existing distribution
reinvestment plan. The New DRP will become effective upon the Listing and will first apply to the reinvestment of cash distributions payable
during the fourth quarter of 2021. Upon the Listing, all shareholders will automatically be enrolled in the New DRP and will receive distributions
as declared by CIC in additional shares of CIC common stock unless such shareholder affirmatively elects to receive an entire distribution
in cash. There can be no assurance that CIC will be able to complete the Listing in any certain timeframe or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to cash distributions to participating
shareholders under the New DRP, CIC <FONT STYLE="background-color: white">reserves the right to either issue new shares or cause the plan
administrator to purchase shares in the open market in connection with implementation of the New DRP. Unless CIC, in its sole discretion,
otherwise directs the plan administrator, (A)&nbsp;if the per share &ldquo;market price&rdquo; (as defined in the New DRP) is equal to
or greater than the estimated net asset value (&ldquo;NAV&rdquo;) per share on the payment date for the distribution, then CIC will issue
shares at the greater of (i)&nbsp;NAV or (ii)&nbsp;95% of the market price; or (B)&nbsp;if the market price is less than the NAV, then,
in CIC&rsquo;s sole discretion, (i)&nbsp;shares will be purchased in open market transactions for the accounts of participating shareholders
to the extent practicable, or (</FONT>ii)&nbsp;CIC will issue shares at NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ABOUT CION INVESTMENT CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CIC is a leading publicly registered&nbsp;non-traded
business development company that currently has approximately $1.8 billion in assets. CIC focuses primarily on senior secured loans to
U.S. middle-market companies.&nbsp;CIC is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate
of CIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ABOUT CION INVESTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CION Investments is a leading manager of alternative
investment solutions designed to redefine the way individual investors can build their portfolios and help meet their long-term investment
goals. CION Investments currently sponsors&nbsp;CIC, a leading publicly registered&nbsp;non-traded business development company that
currently manages approximately $1.8 billion in assets. CION Investments also sponsors, through&nbsp;CION Ares Management, LLC, CION
Ares Diversified Credit Fund, a globally diversified credit interval fund with approximately $2.0 billion in total managed assets. For
more information, please visit&nbsp;<FONT STYLE="color: Blue"><U>www.cioninvestments.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FORWARD LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this press release contains
forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are identified by words
such as &ldquo;may,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo;
 &ldquo;seeks,&rdquo; &ldquo;estimates,&rdquo; &ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; and variations of these
words and similar expressions, including references to assumptions, forecasts of future results, shareholder diversification, institutional
research coverage and availability and access to capital. These statements are not guarantees of future performance and are subject to
risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict, such as the price at which
CIC&rsquo;s shares of common stock will trade on the NYSE, and could cause actual results to differ materially from those expressed or
forecasted in the forward-looking statements.&nbsp;&nbsp;CIC undertakes no obligation to update any forward-looking statements contained
herein to conform the statements to actual results or changes in its expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this press release is summary
information only and should be read in conjunction with CIC&rsquo;s&nbsp;Current Report on Form&nbsp;8-K, which&nbsp;CIC filed with the
SEC on September 16, 2021, as well as CIC&rsquo;s other reports filed with the SEC. A copy of CIC&rsquo;s&nbsp;Current Report on Form&nbsp;8-K
and CIC&rsquo;s other reports filed with the SEC can be found on CIC&rsquo;s website at&nbsp;<FONT STYLE="color: Blue"><U>www.cioninvestments.com
</U></FONT>and the SEC&rsquo;s website at&nbsp;<FONT STYLE="color: Blue"><U>www.sec.gov</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONTACTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Media</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alexander Cavalieri</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Blue"><U>acavalieri@cioninvestments.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investor Relations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jeehae Linford</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Equity Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Blue"><U>jlinford@equityny.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">212-836-9615</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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