RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Preliminary Results of Non-transferable Rights Offering for Common and Preferred Stock
RiverNorth/DoubleLine Strategic Opportunity Fund (NYSE: OPP) announced preliminary results of its non-transferable rights offering. The Fund received subscription requests for 838,486 shares of common stock and 419,243 shares of Series C Preferred Stock. The offering is expected to generate gross proceeds of approximately $11.2 million. The final subscription price was set at $8.42 per common share (90% of NAV) and $10 per Series C Preferred Stock share. New shares are expected to be issued around December 2, 2024, with Series C Preferred Stock trading under symbol OPPPRC starting December 3, 2024.
Il RiverNorth/DoubleLine Strategic Opportunity Fund (NYSE: OPP) ha annunciato i risultati preliminari della sua offerta di diritti non trasferibili. Il Fondo ha ricevuto richieste di sottoscrizione per 838.486 azioni di azioni ordinarie e 419.243 azioni di azioni privilegiate di Serie C. Si prevede che l'offerta generer脿 proventi lordi di circa $11,2 milioni. Il prezzo finale di sottoscrizione 猫 stato fissato a $8,42 per azione ordinaria (90% del NAV) e $10 per azione di Serie C. Si prevede che le nuove azioni siano emesse intorno al 2 dicembre 2024, con le azioni privilegiate di Serie C che inizieranno a essere negoziate con il simbolo OPPPRC a partire dal 3 dicembre 2024.
El RiverNorth/DoubleLine Strategic Opportunity Fund (NYSE: OPP) anunci贸 los resultados preliminares de su oferta de derechos no transferibles. El Fondo recibi贸 solicitudes de suscripci贸n por 838,486 acciones de acciones ordinarias y 419,243 acciones de acciones preferentes de Serie C. Se espera que la oferta genere ingresos brutos de aproximadamente $11.2 millones. El precio final de suscripci贸n se estableci贸 en $8.42 por acci贸n ordinaria (90% del NAV) y $10 por acci贸n de la Serie C. Se espera que las nuevas acciones se emitan alrededor del 2 de diciembre de 2024, con las acciones preferentes de la Serie C que comenzar谩n a cotizar bajo el s铆mbolo OPPPRC a partir del 3 de diciembre de 2024.
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Le RiverNorth/DoubleLine Strategic Opportunity Fund (NYSE: OPP) a annonc茅 les r茅sultats pr茅liminaires de son offre de droits non transf茅rables. Le Fonds a re莽u des demandes de souscription pour 838,486 actions d'actions ordinaires et 419,243 actions d'actions pr茅f茅rentielles de S茅rie C. L'offre devrait g茅n茅rer des recettes brutes d'environ 11,2 millions de dollars. Le prix de souscription final a 茅t茅 fix茅 脿 8,42 $ par action ordinaire (90 % de la NAV) et 10 $ par action pr茅f茅rentielle de la S茅rie C. De nouvelles actions devraient 锚tre 茅mises autour du 2 d茅cembre 2024, et les actions pr茅f茅rentielles de S茅rie C commenceront 脿 锚tre n茅goci茅es sous le symbole OPPPRC 脿 partir du 3 d茅cembre 2024.
Der RiverNorth/DoubleLine Strategic Opportunity Fund (NYSE: OPP) hat die vorl盲ufigen Ergebnisse seines nicht 眉bertragbaren Bezugsangebots bekannt gegeben. Der Fonds erhielt Subskriptionsanfragen f眉r 838.486 Aktien von Stammaktien und 419.243 Aktien von Vorzugsaktien der Serie C. Es wird erwartet, dass das Angebot Bruttoeinnahmen von etwa 11,2 Millionen Dollar generiert. Der endg眉ltige Subskriptionspreis wurde auf 8,42 $ pro Stammaktie (90 % des NAV) und 10 $ pro Vorzugsaktie der Serie C festgelegt. Es wird erwartet, dass die neuen Aktien rund um den 2. Dezember 2024 ausgegeben werden, wobei die Vorzugsaktien der Serie C ab dem 3. Dezember 2024 unter dem Symbol OPPPRC gehandelt werden.
- Successfully completed rights offering raising $11.2 million in gross proceeds
- Strong subscription demand with 838,486 common shares and 419,243 preferred shares requested
- Final subscription price ($8.42) lower than original estimated price ($8.51), indicating NAV decline
- New shares will not be eligible for October and November 2024 distributions
Insights
The rights offering results demonstrate meaningful capital raising success, with expected gross proceeds of
The successful subscription of 838,486 common shares and 419,243 preferred shares indicates solid investor confidence. This capital raise strengthens the Fund's investment capacity and flexibility, though existing shareholders should note potential NAV dilution. The preferred stock addition provides stable leverage while offering investors a defensive fixed-income option in the current market environment.
The foregoing numbers are estimates only. The Fund will announce the final results of the Offering in a press release on or about November 27, 2024.
The Offering鈥檚 final subscription price per common share was determined to be
The shares of common stock issued as a result of the Offering will not be record date shares for the Fund鈥檚 monthly distributions paid in October or November 2024. The shares of Series C Preferred Stock issued as a result of the Offering will not be record date shares for the Fund鈥檚 preferred distributions to be paid in November 2024. The new common stock and Series C Preferred Stock are expected to be issued on, or about, December 2, 2024 and the new Series C Preferred Stock is expected to begin trading on the New York Stock Exchange under the symbol OPPPRC on December 3, 2024.
This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy.
A copy of the prospectus supplement for this Offering, dated October 30, 2024, can be found on the SEC鈥檚 Edgar website at or by writing the Fund at RiverNorth CEF Investor Relations, 360 South Rosemary Avenue, Suite 1420,
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
The investment objective of the Fund is current income and overall total return. The Fund had approximately
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.
Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated.
RiverNorth庐 is a registered trademark of RiverNorth Capital Management, LLC.
ALPS Distributors, Inc. is the FINRA Member Firm.
漏2000-2024 RiverNorth Capital Management, LLC. All rights reserved.
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RiverNorth CEF Investor Relations
800-646-0148, Option 1
CEF@rivernorth.com
Source: RiverNorth Capital Management, LLC
FAQ
What was the final subscription price for OPP's rights offering in November 2024?
How much did RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) raise in its 2024 rights offering?
When will OPP's new Series C Preferred Stock begin trading on NYSE?
