<SEC-DOCUMENT>0001104659-21-120837.txt : 20210930
<SEC-HEADER>0001104659-21-120837.hdr.sgml : 20210930
<ACCEPTANCE-DATETIME>20210929173621
ACCESSION NUMBER:		0001104659-21-120837
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210930
DATE AS OF CHANGE:		20210929

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-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40859
		FILM NUMBER:		211292891

	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-A12B
<SEQUENCE>1
<FILENAME>tm2128814d1_8a12b.htm
<DESCRIPTION>8-A12B
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<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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">As filed with the Securities and Exchange Commission
on September 30, 2021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>For
Registration of Certain Classes of Securities<BR>
Pursuant to Section 12(b) or 12(g) of the<BR>
Securities Exchange Act of 1934&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>C&#298;ON Investment Corporation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Maryland</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">45-3058280</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State of incorporation or organization)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S.&nbsp;&nbsp;Employer Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3 Park Avenue, 36th Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;10016</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></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"><B>Securities to be registered pursuant to Section 12(b) of the Act:</B></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="width: 50%; text-align: center">Title of each class</TD>
    <TD STYLE="width: 50%; text-align: center">Name of each exchange on</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><U>to be so registered</U></TD>
    <TD STYLE="text-align: center"><U>which each class is to be registered</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Common Stock, $0.001 par value per share</TD>
    <TD STYLE="text-align: center">New York Stock Exchange LLC</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this form relates to the registration of a class of securities pursuant
to Section 12(b) of the Exchange Act and is effective pursuant to General Instruction A.(c), check the following box. <FONT STYLE="font-family: Wingdings">x</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">If this form relates to the registration of a class of securities pursuant
to Section 12(g) of the Exchange Act and is effective pursuant to General Instruction A.(d), check the following box. <FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</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>Securities Act registration statement file number to which this
form relates:</B> N/A.</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>Securities to be registered pursuant to Section 12(g) of the Act:
</B>None.</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: 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: center"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT</B></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"><B>Item 1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Description
of Registrant&rsquo;s Securities to Be Registered.</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-indent: 0.5in">The shares of common stock, par value $0.001
per share (&ldquo;<B>Common Stock</B>&rdquo;), of C&#298;ON Investment Corporation
(the &ldquo;<B>Company</B>,&rdquo; &ldquo;<B>Registrant</B>,&rdquo; &ldquo;<B>we</B>,&rdquo; &ldquo;<B>us</B>&rdquo; or
 &ldquo;<B>our</B>&rdquo;) were previously registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended
(the &ldquo;<B>Exchange Act</B>&rdquo;), pursuant to the Registration Statement on Form 8-A filed with the Securities and Exchange
Commission (the &ldquo;<B>SEC</B>&rdquo;) on July 2, 2012. In connection with the listing of our Common Stock on the New York Stock
Exchange LLC (the &ldquo;<B>Listing</B>&rdquo;), our Common Stock will be registered pursuant to Section 12(b) of the Exchange
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Listing, we sought and received
stockholder approval of an amended and restated articles of incorporation (&ldquo;<B>Articles of Incorporation</B>&rdquo;), at the annual
stockholders meeting of the Registrant that began on July 8, 2021 (the &ldquo;<B>Annual Meeting</B>&rdquo;), as described in our proxy
statement filed with the SEC on May 13, 2021. A form of the amended and restated charter, marked to reflect the changes to the current
charter, is attached to the proxy statement as Exhibit A. The charter will be effective immediately prior to the Listing. The description
below reflects the provisions of the Articles of Incorporation and the Company&rsquo;s bylaws (the &ldquo;<B>Bylaws</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We were formed under the laws of the state of Maryland
on August 9, 2011. The rights of our stockholders are governed by Maryland law as well as our Articles of Incorporations and Bylaws. The
following description of the stock of the Company is a summary only and does not describe every right, term or condition of owning the
Company&rsquo;s stock. It is subject to and is qualified in its entirety by reference to the Articles of Incorporation and the Bylaws.
For a complete description, refer to the Articles of Incorporation and the Bylaws and any applicable provisions of relevant law, including,
without limitation, the applicable provisions of the Maryland General Corporation Law (the &ldquo;<B>MGCL</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The authorized stock of the Company consists of
500,000,000 shares of stock, par value $0.001 per share. There is currently no market for the Company&rsquo;s common stock. No stock has
been authorized for issuance under any equity compensation plans. The transfer agent and registrar for the Company&rsquo;s common stock
is DST Systems, Inc., P.O. Box 219476, Kansas City, MO 64121-9476. Under the MGCL, the Company&rsquo;s shareholders generally are not
personally liable for the Company&rsquo;s debts or obligations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the Company&rsquo;s Articles
of Incorporation, all shares of the Company&rsquo;s common stock have equal rights as to voting and, when they are issued, will be duly
authorized, validly issued, fully paid and non-assessable. Distributions may be paid to the holders of the Company&rsquo;s common stock
if, as and when authorized by the Company&rsquo;s board of directors and declared by the Company out of funds legally available for such
purpose. Except as may be provided by the board of directors in setting the terms of classified or reclassified stock, shares of the Company&rsquo;s
common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is
restricted by federal and state securities laws or by contract. In the event of the Company&rsquo;s liquidation, dissolution or winding
up, each share of the Company&rsquo;s common stock would be entitled to share ratably in all of the Company&rsquo;s assets that are legally
available for distribution after the Company pays all debts and other liabilities and subject to any preferential rights of holders of
the Company&rsquo;s preferred stock, if any preferred stock is outstanding at such time. Each share of the Company&rsquo;s common stock
is entitled to one vote on all matters submitted to a vote of shareholders, including the election of directors. Except as may be provided
by the board of directors in setting the terms of classified or reclassified stock, the holders of the Company&rsquo;s common stock have
and will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority
of the outstanding shares of common stock are able to elect all of the Company&rsquo;s directors, provided that there are no shares of
any other class or series of stock outstanding entitled to vote in the election of directors, and holders of less than a majority of such
shares are unable to elect any director.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Preferred Stock</I></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-indent: 0.5in">Under the terms of the Company&rsquo;s Articles
of Incorporation, the Company&rsquo;s board of directors is authorized to issue shares of preferred stock in one or more series without
shareholder approval. The board has discretion to determine the rights, preferences, privileges, and restrictions, including voting rights,
distribution rights, conversion rights, redemption privileges, and liquidation preferences of each series of preferred stock. The purpose
of authorizing the Company&rsquo;s board of directors to issue preferred stock and determine its rights and preferences is to eliminate
delays associated with a shareholder vote on specific issuances. In the event the Company issues preferred stock, it will supplement
this Description of Securities accordingly.</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-indent: 0.5in">Preferred stock could be issued with rights and
preferences that would adversely affect the holders of common stock. Preferred stock could also be used as an anti-takeover device. Every
issuance of preferred stock will be required to comply with the requirements of the Investment Company Act of 1940, as amended (the &ldquo;<B>1940
Act</B>&rdquo;). The 1940 Act requires that: (1) immediately after issuance and before any distribution is made with respect to the Company&rsquo;s
common stock and before any purchase of common stock is made, such preferred stock together with all other senior securities must not
exceed an amount equal to 50% of the Company&rsquo;s total assets after deducting the amount of such distribution or purchase price, as
the case may be, and (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors
at all times and to elect a majority of the directors if distributions on such preferred stock are in arrears by two years or more. Certain
matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. The Company believes
that the availability for issuance of preferred stock will provide the Company with increased flexibility in structuring future financings
and acquisitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Provisions of the MGCL and the Company&rsquo;s
Articles of Incorporation and Bylaws</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-indent: 0.5in">The MGCL and the Company&rsquo;s Articles of Incorporation
and Bylaws contain provisions that could make it more difficult for a potential acquirer to acquire the Company by means of a tender offer,
proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids
and to encourage persons seeking to acquire control of the Company to negotiate first with the board of directors. The Company believes
that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among
other things, the negotiation of such proposals may improve their terms.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Maryland Business Combination Act and The Maryland
Control Share Acquisition Act</I></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-indent: 0.5in">The Maryland Business Combination Act, subject
to limitations, prohibits certain business combinations between a Maryland corporation (like the Company is) and an interested shareholder
(defined generally as any person who beneficially owns 10% or more of the voting power of the Company&rsquo;s voting capital stock) or
an affiliate of any interested shareholder for five years following the most recent date on which the shareholder became an interested
shareholder, and thereafter imposes special appraisal rights and special shareholder voting requirements on these combinations. The Maryland
Control Share Acquisition Act provides that &ldquo;control shares&rdquo; of a Maryland corporation (defined as shares which, when aggregated
with other shares controlled by the shareholder, entitle the shareholder to exercise, or direct the exercise of, one of three increasing
ranges of voting power in electing directors) acquired in a &ldquo;control share acquisition&rdquo; (defined as the direct or indirect
acquisition of ownership or control of &ldquo;control shares&rdquo;) have no voting rights except to the extent approved by the corporation&rsquo;s
shareholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested
shares.</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-indent: 0.5in">The provisions of these two statutes generally
apply to a Maryland corporation unless the corporation&rsquo;s board of directors and bylaws, respectively, exempt the corporation from
such provisions. The Company&rsquo;s board of directors has adopted resolutions that expressly exempt the Company from the Maryland Business
Combination Act and the Company&rsquo;s Bylaws contain provisions that expressly exempt the Company from the Maryland Control Share Acquisition
Act. The Company&rsquo;s election to be exempt from the provisions of the Maryland Control Share Acquisition Act may be repealed by its
board of directors at its discretion, the result of which would make it more difficult for a third party to obtain control of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Election of Directors</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-indent: 0.5in">As permitted by the MGCL, the Company&rsquo;s directors
are elected by a plurality of all votes cast by holders of the outstanding shares of stock entitled to vote at a meeting at which a quorum
is present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Classified Board of Directors</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-indent: 0.5in">The Company&rsquo;s board of directors is divided
into three classes of directors serving staggered terms. At each annual meeting of the Company&rsquo;s shareholders, the successors to
the class of directors whose term expires at such meeting will be elected to hold office for a term expiring at the annual meeting of
shareholders held in the third year following the year of their election. Each director holds office for the term to which he or she is
elected and until his or her successor is duly elected and qualifies. The Company believes that the longer time required to elect a majority
of a classified board of directors helps to ensure the continuity and stability of the Company&rsquo;s management and policies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Number of Directors; Vacancies; Removal&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-indent: 0.5in">The Company&rsquo;s Articles of Incorporation
provide that the number of directors is set by the board of directors in accordance with the Bylaws. The Company&rsquo;s Bylaws provide
that a majority of the Company&rsquo;s entire board of directors may at any time increase or decrease the number of directors. The Company&rsquo;s
Bylaws provide that the number of directors may never be less than one or more than twelve. Except as may be provided by the board of
directors in setting the terms of any class or series of preferred stock, and pursuant to an election in the Company&rsquo;s Articles
of Incorporation as permitted by Maryland law, any and all vacancies on the board of directors may be filled only by the affirmative
vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director
elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a
successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.&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; text-indent: 0.5in">The Company&rsquo;s shareholders may remove a
director only for cause by the affirmative vote of a two-thirds of all the votes entitled to be cast in the election of directors. &ldquo;Cause&rdquo;
means, with respect to any particular director, conviction of a felony or a final judgment of a court of competent jurisdiction holding
that such director caused demonstrable, material harm to the Company through bad faith or active and deliberate dishonesty.&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; text-indent: 0.5in">The Company currently has a total of eight members
of the board of directors, six of whom are independent directors. The Company&rsquo;s Articles of Incorporation provide that a majority
of the Company&rsquo;s board of directors must be independent directors except for a period of up to 60 days after the death, removal
or resignation of an independent director pending the election of his or her successor.<B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Limitation on Liability of Directors and Officers;
Indemnification and Advancement of Expenses&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-indent: 0.5in">Maryland law permits a Maryland corporation to
include in its articles of incorporation a provision limiting the liability of its directors and officers to the corporation and its
shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property
or services or (b) active and deliberate dishonesty established by a final judgment and that is material to the cause of action.&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; text-indent: 0.5in">Despite the above provisions of Maryland law, the
Company&rsquo;s Articles of Incorporation and the investment advisory agreement provide that CIM and its officers, directors, controlling
persons and any other person or entity affiliated with it acting as the Company&rsquo;s agent is not entitled to indemnification (including
reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement) for any liability or loss suffered by CIM, nor will CIM be
held harmless for any loss or liability suffered by the Company, unless (1) CIM has determined, in good faith, that the course of conduct
that caused the loss or liability was in the Company&rsquo;s best interests, (2) CIM was acting on behalf of or performing services for
the Company, (3) the liability or loss suffered was not the result of willful malfeasance, bad faith or gross negligence by CIM or an
affiliate thereof acting as the Company&rsquo;s agent and (4) the indemnification or agreement to hold CIM harmless is only recoverable
out of the Company&rsquo;s assets and not from the Company&rsquo;s shareholders. In accordance with the 1940 Act, the Company will not
indemnify any person for any liability to which such person would be subject by reason of such person&rsquo;s willful misconduct, bad
faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.</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; text-indent: 0.5in">Maryland law requires a corporation (unless its
articles of incorporation provide otherwise, which the Company&rsquo;s Articles of Incorporation do not) to indemnify a director or officer
who has been successful in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity
against reasonable expenses incurred in the proceeding in which the director or officer was successful. Maryland law permits a corporation
to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable
expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those
or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving
rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director
or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding,
the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland
corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on
the basis that a personal benefit was improperly received, unless in either case a court orders indemnification, and then only for expenses.
In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt
of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct
necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount
paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met. The Articles of Incorporation
provide that the Company will indemnify current and former directors and officers of the Company to the fullest extent permitted by Maryland
law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Action by Shareholders</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-indent: 0.5in">The MGCL provides that shareholder action can be
taken only at an annual or special meeting of shareholders or by unanimous consent in lieu of a meeting. These provisions, combined with
the requirements of the Company&rsquo;s Bylaws regarding the calling of a shareholder-requested special meeting of shareholders discussed
below, may have the effect of delaying consideration of a shareholder proposal until the next annual meeting.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Advance Notice Provisions for Shareholder Nominations
and Shareholder Proposals</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-indent: 0.5in">The Company&rsquo;s Bylaws provide that with respect
to an annual meeting of shareholders, nominations of persons for election to the board of directors and the proposal of business to be
considered by shareholders may be made only (a) pursuant to the Company&rsquo;s notice of the meeting, (b) by the board of directors or
(c) by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of the Bylaws. Among
other things, and subject to certain exceptions, such advance notice provisions require that certain detail concerning the shareholder
nominee or proposal be delivered to the Company&rsquo;s Secretary not less than 90 days nor more than 120 days prior to the first anniversary
of the date of mailing of the notice for the preceding year&rsquo;s annual meeting. With respect to special meetings of shareholders,
only the business specified in the Company&rsquo;s notice of the meeting may be brought before the meeting. Nominations of persons for
election to the board of directors at a special meeting may be made only (a) pursuant to the Company&rsquo;s notice of the meeting, (b)
by the board of directors or (c) provided that the board of directors has determined that directors will be elected at the meeting, by
a shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the Bylaws. Among other
things, such advance notice provisions require that certain detail concerning the shareholder nominee, including, among other things,
the name, age and address of the shareholder nominee and number of shares held by the shareholder nominee, be delivered to the Company&rsquo;s
Secretary not earlier than the 120<SUP>th</SUP>&nbsp;day prior to such special meeting and not later than the close of business on the
later of the 90<SUP>th</SUP>&nbsp;day prior to such special meeting or the tenth day following the day on which public announcement is
first made of the date of the special meeting and of the nominees proposed by the board of directors to be elected at such meeting.</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-indent: 0.5in">The purpose of requiring shareholders to give the
Company advance notice of nominations and other business is to afford the Company&rsquo;s board of directors a meaningful opportunity
to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed
necessary or desirable by the Company&rsquo;s board of directors, to inform shareholders and make recommendations about such qualifications
or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although the Company&rsquo;s Bylaws
do not give the Company&rsquo;s board of directors any power to disapprove shareholder nominations for the election of directors or proposals
recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder
proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies
to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals
might be harmful or beneficial to the Company and its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Calling of Special Meetings of Shareholders</B>&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; text-indent: 0.5in">The Company&rsquo;s Bylaws provide that its board
of directors and certain of its officers may call special meetings of shareholders. Additionally, the Company&rsquo;s Articles of Incorporation
and Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting
the meeting, a special meeting of shareholders will be called by the Secretary upon the written request of shareholders entitled to cast
10% or more of the votes entitled to be cast at the meeting.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Approval of Extraordinary Corporate Action;
Amendment of Articles of Incorporation and Bylaws&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-indent: 0.5in">Under Maryland law, a Maryland corporation generally
cannot dissolve, amend its articles of incorporation, merge, sell all or substantially all of its assets, engage in a share exchange
or engage in similar transactions outside the ordinary course of business, unless advised by the board of directors and approved by the
affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland
corporation may provide in its articles of incorporation for approval of these matters by a lesser percentage, but not less than a majority
of all of the votes entitled to be cast on the matter. Pursuant to the Company&rsquo;s Articles of Incorporation, provided that the Company&rsquo;s
directors then in office have approved and declared the action advisable and submitted such action to the shareholders, an amendment
to the Company&rsquo;s Articles of Incorporation that requires shareholder approval, including a merger, or a sale of all or substantially
all of the Company&rsquo;s assets or a similar transaction outside the ordinary course of business, must be approved by the affirmative
vote of shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Notwithstanding the foregoing,
(i) amendments to the Company&rsquo;s Articles of Incorporation to make its common stock a &ldquo;redeemable security&rdquo; or to convert
the Company, whether by merger or otherwise, from a closed-end company to an open-end company, and (ii) the dissolution of the Company,
must each be approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on
the matter.&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; text-indent: 0.5in">The Company&rsquo;s Articles of Incorporation
and Bylaws provide that the board of directors will have the exclusive power to make, alter, amend or repeal any provision of the Company&rsquo;s
Bylaws.&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; text-indent: 0.5in">The Company&rsquo;s Articles of Incorporation provide
that approval by a majority of its shareholders is needed for the following actions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Amendment of the investment advisory agreement;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Removal of CION Investment Management, LLC (&ldquo;CIM&rdquo;)
and election of a new investment adviser;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Approval or disapproval of the sale of all or substantially
all of the Company&rsquo;s assets when such sale is to be made other than in the ordinary course of the Company&rsquo;s business; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Approval of a merger involving the Company or its reorganization.</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">Without the approval of a majority of the Company&rsquo;s shareholders,
CIM may not:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Amend the investment advisory agreement except for amendments
that would not adversely affect the interests of the Company&rsquo;s shareholders;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Voluntarily withdraw as the Company&rsquo;s investment adviser
unless such withdrawal would not affect the Company&rsquo;s tax status and would not materially adversely affect the Company&rsquo;s
shareholders;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Appoint a new investment adviser;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Sell all or substantially all of the Company&rsquo;s assets
other than in the ordinary course of business; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Approve a merger involving the Company or its reorganization.</TD>
</TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>No Appraisal Rights&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In certain extraordinary transactions, the MGCL
provides the right to dissenting shareholders to demand and receive the fair value of their shares, subject to certain procedures and
requirements set forth in the statute. Those rights are commonly referred to as appraisal rights. Except with respect to appraisal rights
arising in connection with the Maryland Control Share Acquisition Act (defined and discussed above), as permitted by the MGCL, and similar
rights in connection with a proposed roll-up transaction, the Company&rsquo;s Articles of Incorporation provide that shareholders will
not be entitled to exercise appraisal rights.<B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Additional Provisions of Maryland Law</B>&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; text-indent: 0.5in">Maryland law provides that a Maryland corporation
that is subject to the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), and has at least three outside
directors can elect by resolution of the board of directors to be subject to some corporate governance provisions that may be inconsistent
with the corporation&rsquo;s articles of incorporation and bylaws. Under the applicable statute, a board of directors may classify itself
without the vote of shareholders. A board of directors classified in that manner cannot be altered by amendment to the articles of incorporation
of the corporation. Further, the board of directors may, by electing into applicable statutory provisions and notwithstanding the articles
of incorporation or bylaws:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">provide that a special meeting of shareholders will be called
only at the request of shareholders, entitled to cast at least a majority of the votes entitled to be cast at the meeting;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">reserve for itself the right to fix the number of directors;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">provide that a director may be removed only by the vote of the
holders of two-thirds of the stock entitled to vote;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">retain for itself sole authority to fill vacancies created by
the death, removal or resignation of a director; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">provide that all vacancies on the board of directors may be
filled only by the affirmative vote of a majority of the remaining directors, in office, even if the remaining directors do not constitute
a quorum.</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if the board is classified, a director
elected to fill a vacancy under this provision will serve for the balance of the unexpired term instead of until the next annual meeting
of shareholders. A board of directors may implement all or any of these provisions without amending the articles of incorporation or
bylaws and without shareholder approval. A corporation may be prohibited by its articles of incorporation or by resolution of its board
of directors from electing any of the provisions of the statute. The Company not prohibited from implementing any or all of the statute.&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"></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-indent: 0.5in">Pursuant to the Company&rsquo;s Articles of Incorporation,
the Company has elected to be subject to a specific provision of the statute such that, at all times that the Company is eligible to
make that election, all vacancies on the board of directors resulting from an increase in the size of the board or the death, resignation
or removal of a director, may be filled only by the affirmative vote of a majority of the remaining directors, even if the remaining
directors do not constitute a quorum. That election by the Company&rsquo;s board is subject to applicable requirements of the 1940 Act
and subject to any provisions of a class or series of preferred stock established by the board, and provided that independent directors
will nominate replacements for any vacancies among the independent directors&rsquo; positions. While certain other of the provisions
available for election under the statute are already contemplated by the Company&rsquo;s Articles of Incorporation and Bylaws, the law
would permit the Company&rsquo;s board of directors to override further changes to the Articles of Incorporation or Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Conflicts with the 1940 Act</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-indent: 0.5in">The Company&rsquo;s Bylaws provide that, if and
to the extent that any provision of the MGCL, including the Maryland Control Share Acquisition Act (if the Company amends the Company&rsquo;s
Bylaws to be subject to such act) and the Maryland Business Combination Act, or any provision of the Company&rsquo;s Articles of Incorporation
or Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.</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-indent: 0.5in"><B>Limitation on the Transferability of the Company&rsquo;s
Shares following the Listing</B>&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; text-indent: 0.5in; margin: 0pt 0">Without the prior written consent of the Company&rsquo;s board of directors,
a shareholder should not be able to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge,
hypothecate or otherwise dispose of or encumber:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">&bull; two-thirds of the shares held by such shareholder prior to the
date of a Listing for 180 days following the Listing; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">&bull; one-third of the shares held by such shareholder prior to the
date of a Listing for 270 days following the Listing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">Any purported transfer in violation of the Articles of Incorporation
would be void and have no force or effect.</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>Item 2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Exhibits.</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-indent: 0.5in">Pursuant to the Instructions as to Exhibits with
respect to Form&nbsp;8-A, no exhibits are required to be filed because no other securities of the Registrant are registered on New York
Stock Exchange LLC and the securities registered hereby are not being registered pursuant to Section&nbsp;12(g)&nbsp;of the Exchange Act.</P>

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


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<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>SIGNATURE</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: justify; text-indent: 0.5in">Pursuant to the requirements
of Section 12 of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this registration statement to be signed
on its behalf by the undersigned, thereto duly authorized.</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">Date:&#9;September 30, 2021</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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>C&#298;ON INVESTMENT CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;<I>/s/ Michael A. Reisner</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Michael A. Reisner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Co-Chief Executive Officer</FONT></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"></P>

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

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</DOCUMENT>
</SEC-DOCUMENT>
