Announces closing of Sprouting Rock Acquisition

Penn Capital Management Company, LLC, (“Penn Capital”) an innovative active investment manager that integrates full capital structure research into the management of both equity and non-investment grade credit portfolios, is proud to announce the adoption of the Penn Capital Funds Trust by The RBB Fund, Inc (“RBB”), effective June 24, 2021, as approved by shareholders at a special meeting. The adoption was completed in conjunction with the recent announcement of Spouting Rock Asset Management (“Spouting Rock”) acquiring a majority interest in Penn Capital. The transaction exemplifies the forward-looking and scalable strategy Spouting Rock brings to Penn Capital.

“We are pleased to have Penn Capital’s offerings as a part of our platform and look forward to helping them enhance their growth,” said Spouting Rock Chief Executive, Andrew Smith. “Additionally, we believe our partnership with RBB, with its low cost and high service platform, enables us to offer a superior service to our shareholders and clients.”

The addition of Penn Capital to the RBB family of advisors marks a milestone in RBB’s growth. As part of the Spouting Rock and Penn Capital partnership, the RBB directors will begin governing a second trust to meet the growing demands from the marketplace.

“We’re excited to support Spouting Rock and Penn Capital as they focus on growing their business and delivering returns for their shareholders,” said Arnold Reichman, Chairman of RBB.

Kirsten Hocker, President of Penn Capital stated, “Our investors rely on our ability to provide top-tier services across all aspects of our business. Partnering with Spouting Rock and RBB allows our team to focus on running their portfolios and servicing our clients. These partnerships create opportunities for future success.”

About Spouting Rock Asset Management, LLC

Founded in 2018, Spouting Rock Asset Management is a multi-boutique manager platform providing alternative, traditional, and thematic investment solutions and services. Located outside Philadelphia, Pennsylvania, Spouting Rock is an active registered investment manager providing sophisticated investors, financial professionals and institutions with strategies designed to help them plan for their financial future. As a fiduciary, every decision we make is intended to be in the best interests of our clients. Utilizing a thematic investing approach to build solutions allows us to align with the motivations of our clients.

About Penn Capital Management Company, LLC

Founded in 1987, Penn Capital is a boutique, registered investment management firm. It manages multiple investment styles that leverage coverage of publicly traded companies in the micro- to mid-capitalization range, as well as companies that issue non-investment grade debt.

About The RBB Fund, Inc.

The RBB Fund, Inc., the first organized multiple series trust founded in 1988, is a registered open-end investment company organized as a Series Trust. RBB is a turnkey ETF and Mutual Fund solution which permits an Advisor to focus on its core competency of asset management and shifts responsibility for the establishment, servicing, and corporate governance of funds to RBB. RBB oversees approximately $18 billion in assets, supporting ten unaffiliated advisors, over 15 unaffiliated subadvisors, and over 30 mutual fund or ETF offerings. For more information, please go to www.rbbfund.com.

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