Special Opportunities Fund, Inc. Announces Completion of Rights Offering

Rhea-AI Summary

Special Opportunities Fund, Inc. (NYSE: SPE) announced that its rights offering for 2,542,593 shares of Convertible Preferred Stock at $25.00 per share expired on January 21, 2022. Preliminary results from American Stock Transfer & Trust Co. indicate that 2,334,954 shares will be issued, generating total proceeds of $58,373,850 for the Fund. The shares are expected to be issued shortly.

Positive

• Successful completion of rights offering, with 2,334,954 shares subscribed.
• The offering raised $58,373,850, improving the Fund's capital position.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Special Opportunities Fund, Inc. (NYSE: SPE) (the “Fund”) announced today that its rights offering to purchase up to 2,542,593 shares of a newly issued class of Convertible Preferred Stock at $25.00 per share expired on January 21, 2022.

Based on preliminary results provided by American Stock Transfer & Trust Co., the Fund’s subscription agent, a total of 2,334,954 shares will be issued for which the Fund will receive a total of $58,373,850. It is anticipated that the shares will be issued within the next few days.

Additional information about the Fund is available on its website at http://www.specialopportunitiesfundinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220124005482/en/

John Buckel, 414-765-4255

U.S. Bancorp Fund Services, LLC

Source: Special Opportunities Fund, Inc.

FAQ

What is the total amount raised by Special Opportunities Fund from its rights offering?

Special Opportunities Fund raised a total of $58,373,850 from its rights offering.

How many shares were actually subscribed in the SPE rights offering?

A total of 2,334,954 shares were subscribed in the SPE rights offering.

What was the share price in Special Opportunities Fund's rights offering?

The share price in Special Opportunities Fund's rights offering was $25.00 per share.

When did the rights offering for Special Opportunities Fund expire?

The rights offering for Special Opportunities Fund expired on January 21, 2022.