RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Final Results of Rights Offering for Common and Preferred Stock
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (NYSE: OPP) (“the Fund”) has released the final results of its recently concluded non-transferable rights offering (“the Offering”). The Offering allowed shareholders to purchase additional shares of the Fund’s common stock and newly issued 6.00%, 3-Year Term Series C Term Preferred Stock (“Series C Preferred Stock”).
Offering Highlights
- Shares Issued:
- 838,412 shares of common stock.
- 419,206 shares of Series C Preferred Stock.
- Subscription Price:
- $8.42 per common share (90% of the reported net asset value as of the expiration date).
- $10 per Series C Preferred Stock share.
- Gross Proceeds: Approximately $11.2 million before expenses.
- Expiration Date: November 25, 2024.
The new common stock and Series C Preferred Stock are anticipated to be issued on or around December 2, 2024. The Fund has applied to list the Series C Preferred Stock on the NYSE American under the symbol “OPPPRC”, with trading expected to commence within 30 days of issuance, pending approval.
Additional Information
The prospectus supplement for this Offering, dated October 30, 2024, is available on the SEC’s EDGAR website or by contacting RiverNorth CEF Investor Relations at [email protected] or 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401.
About the Fund
The Fund’s primary investment objective is current income and overall total return. As of September 30, 2024, the Fund reported:
- $341 million in total managed assets (including leverage).
- 23.0 million shares of common stock outstanding.
The Fund is a closed-end fund that trades on the secondary market. Investors can buy or sell shares through intermediaries or brokers, with share prices determined by market value.
Risk Disclosure
Investing in the Fund involves risks, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should carefully review the Fund’s objectives, risks, charges, and expenses as detailed in the prospectus before making an investment decision.
About RiverNorth Capital Management, LLC
Founded in 2000, RiverNorth Capital Management, LLC specializes in opportunistic investment strategies targeting niche markets with exploitable inefficiencies. The firm manages multiple registered and private funds.
