On January 17, 2020, Wynnefield Partners I, announced that it has delivered a letter to MVC Capital, Inc. with respect to the submission of a stockholder proposal and supporting statement pursuant to Rule 14a-8 of the Commission’s proxy regulations promulgated under the Securities and Exchange Act of 1934, as amended, requesting that the Company’s stockholders adopt a resolution recommending that the Board immediately take all necessary steps within its power to commence the process of: (i) selling the Company to a strategic acquirer, (ii) liquidating its portfolio and returning proceeds to stockholders, or (iii) merging with another business development company, and recommending that the Company cease making any new investments and immediately move forward on one of those 3 paths. Wynnefield stated that the proposal is being submitted in light of Wynnefield Partner I’s belief that the Company has been unable to address the significant discount between its net asset value and share price, has had a significant decrease in market capitalization, offers a relatively low dividend when compared to its peers, and has offered a poor total stockholder return, both in absolute terms and relative to U.S. equity markets.