BST BlackRock Science & Technology Trust

Price Chart

Executive Summary

BlackRock Science and Technology Trust (BST) filed a 424B5 prospectus supplement to sell up to 12,000,000 common shares via an at-the-market offering through UBS Securities LLC as sub-placement agent. At the last reported price of $47.83 (a 7.77% discount to NAV of $51.86), the offering could raise approximately $568M in net proceeds. The shares trade at a persistent discount to NAV, and the issuance will dilute existing shareholders by ~34.6% if fully sold.

Actionable Insight

Key Facts

• Offering of up to 12,000,000 common shares (34.6% dilution vs. 34,720,019 outstanding).
• Last reported sale price $47.83 vs. NAV $51.86 — a 7.77% discount.
• Estimated net proceeds of ~$568M at $47.83/share after 1.00% distributor commission and ~$200,717 offering costs.
• Sales cannot occur below NAV per share plus commission (Minimum Price).
• Proceeds to be invested per Trust's objectives within ~3-6 months; interim held in short-term securities.
• Trust has historically traded at both premium and discount to NAV; current discount is near the wider end of recent range.

Financial Impact

Up to ~$568M in new capital raised; existing shareholders diluted by ~34.6% if all shares sold.

Risk Factors

• Significant dilution (~34.6%) if all 12M shares are sold, reducing NAV per share.
• Persistent discount to NAV (currently 7.77%) may widen further as supply increases.
• Proceeds invested over 3-6 months may lag market conditions, creating temporary cash drag.
• Distributions may include return of capital, reducing tax basis for shareholders.

Market Snapshot

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

US Market Status