Special Opportunities Fund, Inc. announces an Equity Buyback for 1,250,000 shares, representing 9.83% of its issued share capital.
March 04, 2022 at 12:00 am EST
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Special Opportunities Fund, Inc. announces a share repurchase program. Under the program, the company will repurchase up to 1,250,000 shares, representing 9.83% of its issued share capital. The company will fund its offer from cash and cash equivalents on hand. In the event that the offer is oversubscribed, the Board, in its sole discretion, may purchase all of the shares tendered, including shares in excess of the limitation, by amending or extending the offer, or purchase shares pro rata among tendering stockholders in proportion to the number of shares tendered to the fund by each such stockholder. If more than 1,250,000 shares are tendered, the fund may purchase additional shares not to exceed 2% of the outstanding Shares without amending or extending the offer. The offer will expire on April 1, 2022, or such later date to which the offer is extended. As of February 22, 2022, the company had 12,712,964 shares issued and outstanding.
Thomas R. Westle of Blank Rome LLP acted as legal advisor to the company.
Special Opportunities Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is total return. The Fund invests primarily in securities, which have the opportunity for appreciation. The Fund may employ strategies designed to capture price movements generated by anticipated corporate events, such as investing in companies involved in special situations, including, but not limited to, mergers, acquisitions, asset sales, spin-offs, balance sheet restructuring, bankruptcy, liquidations, and tender offers. The Fund may, from time to time, engage in short sales of securities for investment or for hedging purposes. The Fund invests in closed-end funds, business development companies, preferred stocks, other common stocks, special purpose acquisition vehicles, corporate obligations, money market funds, warrants and rights, among others. Bulldog Investors, LLP is the investment adviser of the Fund.
SPECIAL OPPORTUNITIES FUND, INC. 
