Comstock Capital Value Fund, Inc. Provides Update on Change in Corporate Structure

RYE, NY–(BUSINESS WIRE)–At a special meeting of shareholders held on November 6, 2019, shareholders of Comstock Capital Value Fund (the “Fund”) approved proposals which included a change in the nature of the Fund’s business to cease to be an investment company under the Investment Company Act of 1940, as amended and to deregister as a registered investment company with the Securities and Exchange Commission (the “SEC”). Following shareholder approval of the plan, the Fund has converted its cash and cash equivalents holdings and will retain only its cash and cash equivalents positions until it receives the order to delist from the SEC, which has been reviewing the proposed transaction since December 2019.

Once the SEC issues the delisting order, the Fund will complete the reorganization into a new operating company, New Comstock, Inc. (“New Comstock”), which will be an acquisition vehicle. New Comstock’s organizational documents will prohibit any person from attempting to purchase or otherwise acquire (an “Acquisition”), without the prior approval of the Board, any direct or indirect interest in the Shares, if the New Acquisitions should (1 ) cause the person to hold (within the meaning of section 382) more than 4.9% of the shares (such a person being called a “restricted holder” and such shares in excess of 4.9% being called “excess shares” ) or (2) increase the percentage of shares held by a restricted holder.

The Fund has 292 direct shareholders and thanks Henry G. Van der Eb and Charles L. Minter, who have resigned from the Board, for their services. Anthony S. Colavita, Vincent D. Enright and Werner J. Roeder will continue to serve as directors and have agreed to serve without payment.

The Comstock Capital Value Fund is managed by Gabelli Funds, LLC and distributed by G.distributors, LLC, subsidiaries of GAMCO Investors, Inc. (NYSE: GBL).

Investors should carefully consider the Fund’s investment objectives, risks, sales charges and expenses. The Prospectus and the Simplified Prospectus contain information on this and other matters and should be read carefully. To obtain a prospectus or short form prospectus, please visit our website at www.gabelli.com or call 800-GABELLI (800-422-3554).