Special Opportunities Fund : Provides Details on Redemption of Convertible Preferred Stock – July 1, 2021 (PDF)
July 01, 2021 at 10:55 am EDT
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Special Opportunities Fund, Inc. Provides Details on Redemption of Convertible Preferred Stock
New York, July 1, 2021
As previously announced, the Board of Directors (the "Board") of Special Opportunities Fund, Inc. (NYSE: SPE) (the "Fund"), in accordance with the "Optional Redemption" provision of the prospectus for the Fund's Convertible Preferred Stock (the "Convertible Preferred), has determined to redeem all shares of the Convertible Preferred that are still outstanding at 5 pm EST on July 9, 2021 at $25 per share. Holders of the Convertible Preferred may, until 5 pm EST on July 9, 2021, convert their shares into shares of Common Stock at a ratio of 1.9558 (with cash paid in lieu of any fractional shares of common stock). As of the time of this release, the market price of the Convertible Preferred is approximately $29.50 per share which is significantly higher than $25 per share. Therefore, holders of the Convertible Preferred are advised to check the market price of both the Common Stock and the Convertible Preferred before determining whether and when to convert their shares into Common Stock.
As of June 30, 2021, there are 11,806,970 shares of Common Stock outstanding and the net asset value ("NAV") of the Common Stock is $17.25 per share. As of June 30, 2021, there are 524,171 shares of Convertible Preferred outstanding, all of which will be redeemed on July 9, 2021 if not previously converted.
For information, please contact: John Buckel, U.S. Bank Global Fund Services (1-414-765-4255)
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Special Opportunities Fund Inc. published this content on 01 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2021 14:52:18 UTC.
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. 
