Hennessy Advisors, Inc. Acquires The CCM Small/Mid-Cap Impact Value Fund; This Acquisition Represents ~$12M In Assets; No Financial Terms Of The Transaction Disclosed

Hennessy Advisors, Inc. (NASDAQ:HNNA) today announced that it has completed the acquisition of assets related to the management of the CCM Small/Mid-Cap Impact Value Fund. As a result, the CCM Small/Mid-Cap Impact Value Fund will be reorganized into an existing exchange-traded fund ("ETF") managed by Hennessy Advisors, Inc. This acquisition represents approximately $12 million in assets.

"I want to share my appreciation to the shareholders of the CCM Small/Mid-Cap Impact Value Fund for their vote of confidence in Hennessy Funds," said Neil Hennessy, Chairman and CEO of Hennessy Advisors, Inc. "We are honored to be given the opportunity to serve these additional shareholders," he added.

"As we have said throughout the process of this transaction, we remain confident that the Hennessy Stance ESG ETF is the right home for our equity mutual fund shareholders," said Alyssa Greenspan, CEO and President of CCM.

The Fund is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. The Fund will not. This may create additional risks for your investment. For example:

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  • You may have to pay more money to trade the Fund's shares. The Fund will provide less information to traders, who tend to charge more for trades when they have less information.
  • The price you pay to buy Fund shares on an exchange may not match the value of the fund's portfolio. The same is true when you sell shares. These price differences may be greater for the Fund compared to other ETFs because it provides less information to traders.
  • These additional risks may be even greater in bad or uncertain market conditions.
  • The Fund will publish on its website each day a "Portfolio Reference Basket" designed to help trading in shares of the Fund. While the Portfolio Reference Basket includes all the names of the Fund's holdings, it is not the Fund's actual portfolio.

The differences between the Fund and other ETFs may also have advantages. By keeping certain information about the Fund portfolio secret, the Fund may face less risk that other traders can predict or copy its investment strategy. This may improve the Fund's performance. If other traders are able to copy or predict the Fund's investment strategy, however, this may hurt the Fund's performance.

For additional information regarding the unique attributes and risks of the Fund, see the Fund's prospectus and statement of additional information.

The Special Meeting of shareholders of the CCM Core Impact Equity Fund (approximately $53 million in assets) has been adjourned to November 21, 2023. Pending shareholder approval, the CCM Core Impact Equity Fund will also be reorganized into the Hennessy Stance ESG ETF.