Saba Capital Management, L.P. → BlackRock Innovation & Growth Term Trust BTX

Item 4 is hereby amended and supplemented as follows: On January 20, 2025, Saba Capital Management, L.P. entered into a standstill agreement (the Agreement) with respect to the Issuer, pursuant to which the Issuer agreed to commence a cash tender offer to purchase 50% of its outstanding Common Shares at a price per share equal to 99.5% of the Issuer's net asset value per share (the Tender Offer). Saba Capital agreed to tender the Common Shares then owned by Saba Capital and one or more private funds, non-U.S. public funds or accounts managed by Saba Capital, subject to the terms and conditions therein. The Agreement also provides for customary standstill provisions during the period from the date of the Agreement through the date that is the earliest of (i) the day following the completion of the Issuer's 2027 annual meeting of shareholders or August 31, 2027, whichever is earlier, (ii) such date that the Issuer determines not to conduct or to discontinue the Tender Offer and (iii) August 18, 2025, if payment for the tendered Common Shares has not been made on or prior to that date. In connection with the Agreement, Saba Capital withdrew the shareholder proposal it had previously submitted to the Issuer, pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, on October 9, 2024. The foregoing summary of the Agreement shall not be deemed complete and is qualified in its entirety by reference to the full text of the Agreement, the form of which is attached hereto as Exhibit 7 to this Schedule 13D/A and incorporated by reference herein.