Phillip Goldstein - Jan 27, 2022 Form 4 Insider Report for SPECIAL OPPORTUNITIES FUND, INC. (SPE)

Role
Chairman and Secretary, Director
Signature
/s/ Stephanie Darling, as Power of Attorney for Phillip Goldstein
Stock symbol
SPE
Transactions as of
Jan 27, 2022
Transactions value $
$234,225
Form type
4
Date filed
1/28/2022, 04:14 PM
Previous filing
Dec 20, 2021
Next filing
Feb 9, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding SPE Common Stock 19.4K Jan 27, 2022 Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction SPE 2.75% Convertible Preferred Stock, Series C Exercise of in-the-money or at-the-money derivative security $234K +9.37K $25.00 9.37K Jan 27, 2022 Common Stock 11.4K $0.00 Direct F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Transferable subscription rights ("Rights") were issued on a pro rata basis to stockholders of record as of December 20, 2021 in connection with a rights offering by the Issuer at the rate of one Right for each five shares of common stock owned (the "Basic Subscription Right"). Each Right entitled its holder to purchase one share of 2.75% Convertible Preferred Stock, Series C ("Preferred Stock") at a subscription price of $25 per share. Pursuant to the terms of the offering, a stockholder who purchased the maximum amount of Preferred Stock pursuant to its Basic Subscription Right was also entitled to purchase additional shares of Preferred Stock that were not purchased by the other stockholders (the "Over-Subscription Privilege"). Additionally, in order to honor all Over-Subscription Privilege requests, the Issuer issued up to 1,500,000 additional shares of Preferred Stock to honor the Over-Subscription Privilege.
F2 The rights offering expired January 21, 2022 and shares of Preferred Stock are expected to be allocated by the transfer agent to purchasing stockholders on or about January 27, 2022.
F3 The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion rate equivalent to a conversion price of $20.50 per share of common stock (which is a ratio of 1.219 shares of common stock for each share of Preferred Stock held), subject to adjustment.
F4 The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.