Special Opportunities Fund, Inc. Announces Results of Tender Offer

Rhea-AI Summary

Special Opportunities Fund, Inc. (NYSE: SPE) has concluded its buyback offer for 1.25 million common shares at 97% of the net asset value (NAV), which was determined at $16.18 per share.

The offer expired on April 1, 2022, with 7,549,920 shares (about 59.39%) tendered. Due to the high demand, only 16.56% of shares tendered were accepted, priced at $15.69 per share.

Positive

• High participation with 7,549,920 shares tendered, representing 59.39% of outstanding shares.
• Successful buyback at 97% of NAV, indicating shareholder confidence.

Negative

• Only 16.56% of tendered shares were accepted, which may disappoint some investors.

NEW YORK--(BUSINESS WIRE)-- Special Opportunities Fund, Inc. (NYSE: SPE) (the “Fund”) today announced that its offer to purchase up to 1.25 million common shares of the Fund at 97% of the net asset value (“NAV”) per common share as determined at the close of the regular trading session of the New York Stock Exchange on April 1, 2022 expired at 5:00 p.m., Eastern Time on April 1, 2022. Based on information provided by American Stock Transfer & Trust Co., the depository for the Offer, a total of 7,549,920 common shares or approximately 59.39% of the Fund’s outstanding common shares were validly tendered. As the total number of common shares tendered exceeds 1.25 million common shares, approximately 16.56% of the shares tendered by each tendering shareholder were accepted for payment at a price of $15.69 per share (97% of the NAV per common share of $16.18).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220404005575/en/

John Buckel

U.S. Bancorp Fund Services, LLC

1-414-765-4255

Source: Special Opportunities Fund, Inc.

FAQ

What is the recent stock activity of Special Opportunities Fund (SPE)?

The Fund's recent buyback offer concluded with 7,549,920 shares tendered, resulting in 1.25 million shares purchased.

When did the buyback offer for SPE expire?

The buyback offer expired on April 1, 2022 at 5:00 p.m. Eastern Time.

What was the price for shares accepted in the SPE buyback?

Shares were accepted at a price of $15.69 each, which is 97% of the NAV.

How much of the common shares were tendered for SPE's buyback?

Approximately 59.39%, or 7,549,920 shares, were validly tendered.