BlackRock Science & Technology Term Trust Enters Standstill Agreement with Saba Capital Management

BlackRock Science and Technology Term Trust (NASDAQ: BSTZ) disclosed in an 8-K filing submitted to the United States Securities and Exchange Commission on January 21, 2025, that the company, along with BlackRock Advisors, LLC, its Investment Advisor, has engaged in a standstill agreement with Saba Capital Management, L.P.

The Standstill Agreement, inked on January 20, 2025, outlines a mutual understanding between the entities involved. Saba Capital Management, L.P., a significant player in the agreement, has consented to abide by specific customary standstill covenants. Additionally, Saba Capital has withdrawn a shareholder proposal that was previously put forth for consideration at BlackRock Science and Technology Term Trust’s 2025 annual meeting of shareholders. Furthermore, Saba Capital has agreed to vote its common shares of beneficial interest, if any, in alignment with the recommendations put forward by the Fund’s Board of Trustees on all matters that are up for shareholder votes.

This agreement will remain in effect until the day following the completion of the Fund’s 2027 annual meeting of shareholders or until August 31, 2027, whichever arrives first, unless the involved parties decide to terminate the agreement earlier.

Included in the filing as Exhibit 10.1 is a copy of the Standstill Agreement, which is now part of the record. Moreover, a Cover Page Interactive Data File (embedded within the Inline XBRL document) has been presented as Exhibit 104 as part of the financial statements and exhibits attached to the filing.

The BlackRock Science and Technology Term Trust 8-K filing made it evident that the Holders of the Trust actively ensure compliance and transparency within their operations, signaling a commitment to responsible corporate governance and shareholder engagement.

As per the signing of this report, Janey Ahn, Secretary of BlackRock Science and Technology Term Trust, carried out the filing procedures on behalf of the company on January 21, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BlackRock Science and Technology Term Trust’s 8K filing here.

About BlackRock Science and Technology Term Trust

BlackRock Science and Technology Term Trust is a closed-ended equity mutual fund launched by BlackRock, Inc The fund is managed by BlackRock Advisors, LLC. It invests in public equity markets across the globe. The fund seeks to invest in stocks of companies operating in the science and technology sectors.