RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Final Results of Rights Offering

Rhea-AI Summary

RiverNorth/DoubleLine Strategic Opportunity Fund (NYSE:OPP) announced the final results of its transferable rights offering, which closed on September 23, 2022. A total of 3,508,633 new shares will be issued at a subscription price of $9.70 per share, yielding approximately $34.0 million in gross proceeds before expenses. As of August 31, 2022, the Fund managed about $346 million in total assets with 19.5 million shares outstanding. The Fund’s investment focus is on current income and total return.

Positive

• Raised approximately $34.0 million in gross proceeds from the offering.
• Issued 3,508,633 new shares which can enhance liquidity.

Negative

• None.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the “Fund”) (NYSE: OPP) today announced the final results of its transferable rights offering (the “Offering”). The Fund will issue a total of 3,508,633 new shares of common stock as a result of the Offering, which closed on September 23, 2022 (the “Expiration Date”).

The subscription price of $9.70 per share in the Offering was established on the Expiration Date based on a formula equal to 92.5% of the reported net asset value. Gross proceeds received by the Fund, before any expenses of the Offering, are expected to total approximately $34.0 million.

This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy.

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

The investment objective of the Fund is current income and overall total return. The Fund had approximately $346 million of total managed assets¹ and 19.5 million shares of common stock outstanding as of August 31, 2022.

The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.

Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the Common Shares, you should consider the risks as well as the other information in the prospectus.

Past performance is no guarantee of future results.

Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750.

RiverNorth Capital Management, LLC

RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds.

¹Managed Assets includes assets attributable to leverage and investments in affiliated funds.
Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated.

RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.
ALPS Distributors, Inc. is the FINRA Member Firm.
©2000-2022 RiverNorth Capital Management, LLC. All rights reserved.
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Investor Contact

Chris Lakumb, CFA, CAIA

312.445.2336

clakumb@rivernorth.com

Source: RiverNorth Capital Management, LLC

FAQ

What are the final results of the OPP rights offering?

The OPP rights offering resulted in the issuance of 3,508,633 new shares at a subscription price of $9.70 per share, totaling approximately $34.0 million in gross proceeds.

When did the OPP rights offering close?

The OPP rights offering closed on September 23, 2022.

What is the investment focus of RiverNorth/DoubleLine Strategic Opportunity Fund?

The investment focus of the Fund is on current income and overall total return.

What was the Fund's total managed assets as of August 31, 2022?

As of August 31, 2022, the Fund had approximately $346 million in total managed assets.

How many shares of common stock were outstanding for OPP?

As of August 31, 2022, there were 19.5 million shares of common stock outstanding for OPP.