On November 23, 2020, Duff & Phelps Utility and Corporate Bond Trust Inc entered into a standstill agreement with Karpus Investment Management , pursuant to which the Company announced that subject to the approval of the shareholders of the Company, it will merge into DNP, with DNP as the surviving company of the merger. The combined fund will retain DNP’s name and ticker symbol, as well as DNP’s investment objectives, strategies and policies. Karpus agreed to certain customary standstill provisions, effective as of the date of the agreement until November 23, 2023, prohibiting it from, among other things, seeking, making, proposing or participating in (i) any solicitation of proxies, (ii) any tender or exchange offer, recapitalization, dissolution or other extra-ordinary transaction, other than the tender offer, (iii) any short sale or other transaction that derives value from a decline in the market price of the Company’s securities, (iv) the formation of any group within the meaning of Section 13(d)(3) of the exchange act, (v) any nomination, contested solicitation for the removal of directors, or other effort to gain board representation, (vi) any proposals for consideration by shareholders at an annual or special meeting of shareholders, or (vii) any public statement or proposal to change the number of directors, change the capitalization of the Company or otherwise effect material change to the Company’s management, business, policies, or corporate structure.