RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Transferable Rights Offering
11 Agosto 2022 - 5:30PM
Business Wire
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the
“Fund”) (NYSE: OPP) announces that its Board of Directors (the
“Board”) has authorized and set the terms of an offering to the
Fund’s stockholders of rights to purchase additional shares of
common stock of the Fund.
In this offering, the Fund will issue transferable subscription
rights (“Rights”) to its stockholders of record as of August 25,
2022 (the “Record Date” and such stockholders “Record Date
Stockholders”) allowing the holder to subscribe for new shares of
common stock of the Fund (the “Primary Subscription”). Record Date
Stockholders will receive one Right for each share of common stock
held on the Record Date. For every three Rights held, a holder of
Rights may buy one new share of common stock of the Fund. The
Rights are expected to be listed and tradable on the New York Stock
Exchange (“NYSE”) under the ticker: OPP.RT.
Record Date Stockholders who fully exercise all Rights initially
issued to them in the Primary Subscription will be entitled to buy
those shares of common stock that are not purchased by other Record
Date Stockholders. The shares of common stock issued as a result of
the rights offering will not be record date shares for the Fund’s
monthly distributions to be paid in August or September 2022 and
therefore will not be entitled to those distributions.
The subscription price per share of common stock will be
determined based upon a formula that will be no less than equal to
92.5% of the reported net asset value or 95% of the market price
per share of common stock, whichever is higher on the Expiration
Date (as defined below). Market price per share of common stock
will be determined based on the average of the last reported sales
price of a share of common stock on the NYSE for the five trading
days preceding (and not including) the Expiration Date. The
subscription period will expire on September 23, 2022, unless
extended by the Board (the “Expiration Date”).
The rights offering will be made pursuant to the Fund’s
currently effective shelf registration statement on file with the
Securities and Exchange Commission (“SEC”) and only by means of a
prospectus supplement and accompanying prospectus. A final
prospectus supplement and accompanying prospectus will be filed
with the SEC but has not been filed as of the date of this release.
The Company expects to mail subscription certificates evidencing
the subscription rights and a copy of the prospectus supplement and
accompanying prospectus for the rights offering shortly following
the Record Date. These securities described in this release may not
be sold nor may offers to purchase be accepted prior to the time
the prospectus supplement and accompanying prospectus are filed
with the SEC.
This press release shall not constitute an offer to sell or
constitute a solicitation of an offer to buy.
RiverNorth/DoubleLine Strategic Opportunity Fund,
Inc.
The investment objective of the Fund is current income and
overall total return. The Fund had approximately $340 million of
total managed assets1 and 19.4 million shares of common stock
outstanding as of July 31, 2022.
The Fund is a closed-end fund and does not continuously issue
stock for sale as open-end mutual funds do. The Fund now trades in
the secondary market. Investors wishing to buy or sell stock need
to place orders through an intermediary or broker. The share price
of a closed-end fund is based on the market value.
Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may
receive little or no return on your investment or even that you may
lose part or all of your investment. Therefore, before investing in
the shares of common stock, you should consider the risks as well
as the other information in the prospectus.
Past performance is no guarantee of future results.
Investors should consider the Fund's investment objective,
risks, charges and expenses carefully before investing. The
prospectus should be read carefully before investing. For more
information, please read the prospectus, call your financial
professional or call 844.569.4750.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that
specializes in opportunistic strategies in niche markets where the
potential to exploit inefficiencies is greatest. RiverNorth is the
manager to multiple registered and private funds.
1Managed Assets includes assets attributable to leverage and
investments in affiliated funds.
Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS
Distributors, Inc. is the FINRA Member Firm. RiverNorth® is a
registered trademark of RiverNorth Capital Management, LLC.
©2000-2022 RiverNorth Capital Management, LLC. All rights reserved.
OPP000119
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Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
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