BOSTON, Nov. 01, 2016 (GLOBE NEWSWIRE) -- Great Elm Capital Group, Inc. (NASDAQ:GEC) announced today that it intends to restart its previously disclosed $45 million rights offering. Great Elm Capital Group distributed non-transferable rights to purchase shares of its common stock to its common stockholders of record as of October 13, 2016. In order to not result in an equity shift under Section 382 of the Internal Revenue Code of 1986, the rights are stapled to the common stock held by the stockholders of record. The rights are not transferable separate from the shares of common stock. Uncertainty in the market has arisen as to the non-transferability feature of the existing rights and the effectiveness of an irrevocable exercise of the existing rights under automated subscription processing systems. In order to remove ambiguity, Great Elm Capital Group is terminating the existing rights as contemplated by its prospectus dated October 14, 2016. All subscriptions made under the existing rights will be returned. At the close of business on the day the registration statement becomes effective (the "Effective Date"), the Great Elm Capital Group common stock and the new rights will be attached to each other. On the trading day following the Effective Date until the Expiration Date described below, the Great Elm Capital Group common stock together with the attached rights are expected to trade under a new CUSIP and ticker symbol representing both shares of Great Elm Capital Group common stock and subscription rights. Upon the earlier of the exercise of the new rights or the Expiration Date, the shares will trade under a new CUSIP and the "GEC" symbol. Each basic subscription privilege under the new subscription period will entitle the holder to purchase a number of shares of Great Elm Capital Group common stock at a cash subscription price equal to 80% of the volume weighted average price of the Great Elm Capital Group common stock for the 30 consecutive trading-days ending on and including the Effective Date.