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Msg  22514 of 22669  at  9/27/2022 4:46:41 PM  by

lumpygravy


OPP Rights Offering

 

RiverNorth/DoubleLine Strategic Opportunity Fund, INC.
Announces PRELIMINARY RESULTS OF Rights Offering

 

West Palm Beach, FL– September 26, 2022 -- 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.

 
 


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