Special Opportunities Fund, Inc. Announces Tender Offer

Rhea-AI Summary

Special Opportunities Fund (NYSE: SPE) announced a tender offer to purchase up to 1.25 million common shares at 97% of the net asset value per share as of the close of trading on April 1, 2022. The Fund may buy an additional 2% of outstanding shares without amending the offer. Shareholders must confirm with their custodians regarding the notice required to accept the offer. This announcement is not a recommendation to sell securities and a tender offer statement has been filed with the U.S. Securities and Exchange Commission.

Positive

• Tender offer for up to 1.25 million shares at 97% of NAV is a strategic move to enhance shareholder value.

Negative

• The offer price is below the current NAV, potentially indicating a lack of confidence in market valuation.

NEW YORK--(BUSINESS WIRE)-- Special Opportunities Fund, Inc. (NYSE: SPE) (the “Fund”) today announced that it is offering 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 the Expiration Date (as defined below). In accordance with the rules of the U.S. Securities and Exchange Commission (the “Commission”), the Fund may purchase additional shares not to exceed 2% of the outstanding shares without amending or extending the tender offer.

The tender offer will expire at 5:00 p.m., Eastern Time, on April 1, 2022 (the “Expiration Date”), unless the tender offer is extended. The tender offer is being made upon the terms and subject to the conditions set forth in the tender offer statement, which will be mailed to stockholders as soon as practicable. A stockholder that holds shares in street name and wishes to accept the tender offer should check with his or her custodian to confirm when it requires notice (which may be prior to the Expiration Date).

This announcement is not a recommendation, an offer to purchase or a solicitation to sell any securities of the Fund. The Fund has filed with the Commission a tender offer statement on Schedule TO under the Securities Exchange Act of 1934, as amended, relating to the tender offer. Common stockholders of the Fund should read the tender offer statement carefully as it contains important information. Stockholders may obtain the tender offer statement and other filed documents without charge at the SEC’s website at http://www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220304005438/en/

John Buckel

U.S. Bancorp Fund Services, LLC

1-414-765-4255

Source: Special Opportunities Fund, Inc.

FAQ

What is the Special Opportunities Fund's (SPE) tender offer?

The Special Opportunities Fund announced a tender offer to purchase up to 1.25 million shares at 97% of the net asset value as of April 1, 2022.

When does the tender offer for SPE expire?

The tender offer for Special Opportunities Fund expires at 5:00 p.m. Eastern Time on April 1, 2022.

How can shareholders participate in the SPE tender offer?

Shareholders holding shares in street name should check with their custodian for notice requirements to participate in the SPE tender offer.

Is the SPE tender offer recommended by the Fund?

The announcement regarding the SPE tender offer is not a recommendation or solicitation to sell securities.