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

Role
President, Director
Signature
/s/ Stephanie Darling, as Power of Attorney for Andrew Dakos
Stock symbol
SPE
Transactions as of
Jan 27, 2022
Transactions value $
$5,000
Form type
4
Date filed
1/28/2022, 04:27 PM
Previous filing
Jun 9, 2022
Next filing
Feb 4, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding SPE Common Stock 12.2K Jan 27, 2022 Direct
holding SPE Common Stock 6.23K Jan 27, 2022 By Spouse F1
holding SPE Common Stock 936 Jan 27, 2022 By Minor Children F2

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 $5K +200 $25.00 200 Jan 27, 2022 Common Stock 244 $0.00 Direct F3, F4, F5, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The Reporting Person disclaims beneficial ownership of the securities owned by his spouse and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.
F2 The Reporting Person disclaims beneficial ownership of the securities owned by his minor children and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.
F3 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.
F4 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.
F5 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.
F6 The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.