RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Preliminary Results of Rights Offering
26 Setembro 2022 - 7:45AM
Business Wire
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the
“Fund”) (NYSE: OPP) today announced the preliminary results of its
transferable rights offering (the “Offering”) that expired on
September 23, 2022 (the “Expiration Date”). In the Offering, the
Fund received subscription requests for 3,508,633 shares of common
stock from rights holders. Accordingly, the Fund expects to issue
3,508,633 new shares of common stock for these subscriptions,
pending the receipt of payment for “delivery-guaranteed”
subscriptions, on or about September 29, 2022. Gross proceeds from
the Offering are expected to total approximately $34.0 million,
before expenses.
The foregoing numbers are estimates only. The Fund will announce
the final results of the Rights Offering in a press release on or
about September 27, 2022.
The Offering’s final subscription price per share was determined
to be $9.70. The subscription price was established pursuant to the
terms of the Offering and based on a formula equal to 92.5% of the
reported net asset value (“NAV”). Using the formula described
above, the NAV per share was $10.49. The final subscription price
is lower than the original estimated subscription price of $10.89
per share. Accordingly, any excess payments will be returned to
subscribing rights holders as soon as practicable, in accordance
with the prospectus supplement and accompanying prospectus, filed
with the Securities and Exchange Commission on August 17, 2022.
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 paid in August or September 2022.
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 $346 million of
total managed assets1 and 19.5 million shares of common stock
outstanding as of August 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 Common Shares, 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.
Marketing services provided by ALPS Distributors Inc. ALPS and
RiverNorth are not affiliated.
RiverNorth® is a registered trademark of RiverNorth Capital
Management, LLC. ALPS Distributors, Inc. is the FINRA Member Firm.
©2000-2022 RiverNorth Capital Management, LLC. All rights reserved.
OPP000122
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version on businesswire.com: https://www.businesswire.com/news/home/20220925005057/en/
Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
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